Provident Financial Services, Inc Declares Quarterly Dividend of $0.24 (NYSE:PFS)

Key Points

• Provident Financial Services declared a quarterly dividend of $0.24 per share (annualized $0.96), payable May 29 to shareholders of record May 15, implying a 4.3% yield.
• The dividend appears sustainable with a current payout ratio of 42.1% and analysts forecasting $2.55 EPS next year, which would lower the projected payout ratio to about 37.6%.
• In the quarter ended April 30 the company reported $0.61 EPS (beating estimates by $0.06) with revenue up 7.9% year-over-year, and the stock trades at roughly a 9.6x P/E.

Provident Financial Services, Inc (NYSE:PFS - Get Free Report) declared a quarterly dividend on Thursday, April 30th. Shareholders of record on Friday, May 15th will be paid a dividend of 0.24 per share by the savings and loans company on Friday, May 29th. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 15th.

Provident Financial Services has increased its dividend by an average of 0.0%per year over the last three years. Provident Financial Services has a payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Provident Financial Services to earn $2.55 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 37.6%.

Provident Financial Services Stock Down 0.6%

Shares of NYSE PFS opened at $22.55 on Friday. The stock has a market capitalization of $2.95 billion, a P/E ratio of 9.63 and a beta of 0.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.02 and a current ratio of 1.02. Provident Financial Services has a 52 week low of $15.92 and a 52 week high of $23.98. The stock's fifty day moving average is $21.56 and its 200 day moving average is $20.66.

Provident Financial Services (NYSE:PFS - Get Free Report) last released its earnings results on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 11.07%. The firm had revenue of $225.20 million for the quarter, compared to analyst estimates of $225.62 million. During the same period last year, the firm earned $0.49 EPS. The business's quarterly revenue was up 7.9% compared to the same quarter last year. Sell-side analysts forecast that Provident Financial Services will post 2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC acquired a new stake in Provident Financial Services during the 3rd quarter valued at approximately $26,000. Key Capital Management INC bought a new stake in Provident Financial Services in the fourth quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its position in shares of Provident Financial Services by 358.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock worth $27,000 after buying an additional 1,210 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Provident Financial Services during the 4th quarter valued at $33,000. Finally, Danske Bank A S bought a new stake in Provident Financial Services in the third quarter valued at $58,000. 71.97% of the stock is owned by institutional investors and hedge funds.

About Provident Financial Services

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.

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