Provident Financial Services - PFS Stock Forecast, Price & News

Provident Financial Services, Inc. operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products. Its loan portfolio comprises commercial real estate loans that are secured by properties, such as multi-family apartment buildings, office buildings, and retail and industrial properties; commercial business loans; fixed-rate and adjustable-rate mortgage loans collateralized by one- to four-family residential real estate properties; commercial construction loans; and consumer loans consisting of home equity loans, home equity lines of credit, marine loans, personal loans and unsecured lines of credit, and auto and recreational vehicle loans. The company also offers cash management, remote deposit capture, payroll origination, escrow account management, and online and mobile banking services; and business credit cards. In addition, it provides wealth management services comprising investment management, trust and estate administration, financial planning, tax compliance and planning, and private banking. Further, the company sells insurance and investment products, including annuities; operates as a real estate investment trust for acquiring mortgage loans and other real estate related assets; and manages and sells real estate properties acquired through foreclosure. As of December 31, 2021, it operated 96 full-service branch offices in northern and central New Jersey, as well as in Pennsylvania and New York counties. The company was founded in 1839 and is headquartered in Jersey City, New Jersey.

Provident Financial Services Trading Up 1.5 %

Shares of Provident Financial Services stock opened at $24.90 on Friday. Provident Financial Services has a 12-month low of $21.26 and a 12-month high of $26.20. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.88 billion, a PE ratio of 11.91 and a beta of 0.89. The company has a 50-day moving average of $22.93 and a two-hundred day moving average of $23.01.

Provident Financial Services (NYSE:PFS - Get Rating) last announced its quarterly earnings results on Friday, July 29th. The savings and loans company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.01. Provident Financial Services had a net margin of 31.96% and a return on equity of 9.59%. The company had revenue of $120.41 million for the quarter, compared to analyst estimates of $120.12 million. During the same quarter last year, the business earned $0.58 EPS. Provident Financial Services's revenue for the quarter was up 7.4% on a year-over-year basis. On average, research analysts anticipate that Provident Financial Services will post 2.27 EPS for the current fiscal year.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 12th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Thursday, August 11th. Provident Financial Services's dividend payout ratio is currently 45.93%.

Analyst Upgrades and Downgrades

PFS has been the topic of several research analyst reports. Royal Bank of Canada lifted their price objective on Provident Financial Services from $29.00 to $30.00 and gave the stock an "outperform" rating in a report on Monday, August 1st. DA Davidson reissued a "neutral" rating on shares of Provident Financial Services in a research report on Wednesday, July 27th.

Insiders Place Their Bets

In other Provident Financial Services news, CEO George Lista sold 3,000 shares of the business's stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $22.15, for a total transaction of $66,450.00. Following the completion of the transaction, the chief executive officer now directly owns 103,873 shares of the company's stock, valued at approximately $2,300,786.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Valerie O. Murray acquired 1,400 shares of the stock in a transaction that occurred on Tuesday, June 14th. The shares were purchased at an average cost of $21.62 per share, with a total value of $30,268.00. Following the completion of the transaction, the executive vice president now owns 39,683 shares of the company's stock, valued at approximately $857,946.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO George Lista sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $22.15, for a total transaction of $66,450.00. Following the completion of the sale, the chief executive officer now directly owns 103,873 shares of the company's stock, valued at $2,300,786.95. The disclosure for this sale can be found here. 4.26% of the stock is owned by company insiders.