Provident Financial Services (NYSE:PFS) Announces Earnings Results

Key Points

• Provident Financial Services earned $0.60 per share, exceeding analysts’ consensus estimate of $0.56. The company reported a 21.95% net margin and 10.98% return on equity.
• The company paid a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 dividend and a 4.0% yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $25.00, while shares recently traded near $24.00.

Provident Financial Services (NYSE:PFS - Get Free Report) posted its quarterly earnings data on Wednesday. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.04, Zacks reports. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%.

Provident Financial Services Price Performance

Shares of PFS stock traded down $0.17 during trading hours on Wednesday, reaching $24.00. The company's stock had a trading volume of 1,254,009 shares, compared to its average volume of 983,722. The firm's 50 day simple moving average is $23.13 and its 200-day simple moving average is $22.21. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 10.21 and a beta of 0.78. Provident Financial Services has a fifty-two week low of $17.61 and a fifty-two week high of $24.56. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.03.

Provident Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, May 15th. This represents a $0.96 annualized dividend and a yield of 4.0%. Provident Financial Services's dividend payout ratio is presently 40.85%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PFS. Weiss Ratings upgraded Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. DA Davidson reissued a "neutral" rating and set a $23.00 target price on shares of Provident Financial Services in a report on Friday, May 1st. Stephens initiated coverage on Provident Financial Services in a research report on Monday, June 8th. They issued an "equal weight" rating and a $24.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Finally, Raymond James Financial upped their price objective on shares of Provident Financial Services from $25.00 to $27.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Provident Financial Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Insider Activity

In other news, CEO George Lista sold 2,556 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $22.40, for a total transaction of $57,254.40. Following the completion of the transaction, the chief executive officer owned 109,262 shares of the company's stock, valued at approximately $2,447,468.80. The trade was a 2.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.02% of the company's stock.

Institutional Trading of Provident Financial Services

Several large investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its stake in Provident Financial Services by 45.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 12,445 shares of the savings and loans company's stock worth $248,000 after acquiring an additional 3,884 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Provident Financial Services by 42.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 13,934 shares of the savings and loans company's stock valued at $244,000 after purchasing an additional 4,129 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Provident Financial Services during the 4th quarter valued at approximately $216,000. State of Wyoming increased its position in Provident Financial Services by 10.6% during the 4th quarter. State of Wyoming now owns 10,771 shares of the savings and loans company's stock worth $213,000 after purchasing an additional 1,031 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in Provident Financial Services during the 4th quarter worth approximately $212,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.