Wall Street analysts forecast that Provident Financial Services, Inc. (NYSE:PFS) will announce $89.09 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Provident Financial Services’ earnings, with the lowest sales estimate coming in at $88.60 million and the highest estimate coming in at $89.57 million. Provident Financial Services reported sales of $85.32 million during the same quarter last year, which would suggest a positive year over year growth rate of 4.4%. The company is scheduled to announce its next quarterly earnings results on Friday, October 26th.
According to Zacks, analysts expect that Provident Financial Services will report full-year sales of $354.02 million for the current financial year, with estimates ranging from $353.30 million to $354.56 million. For the next fiscal year, analysts anticipate that the company will post sales of $373.96 million per share, with estimates ranging from $372.00 million to $376.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Provident Financial Services.
Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.15). The firm had revenue of $88.12 million for the quarter, compared to the consensus estimate of $87.99 million. Provident Financial Services had a net margin of 23.56% and a return on equity of 7.46%. Provident Financial Services’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share.
Several research firms have recently weighed in on PFS. Piper Jaffray Companies reissued a “hold” rating and set a $25.50 price target on shares of Provident Financial Services in a report on Wednesday, August 1st. Zacks Investment Research cut Provident Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, June 28th. Sandler O’Neill reissued a “hold” rating on shares of Provident Financial Services in a report on Thursday, June 28th. Finally, Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $28.00.
Shares of NYSE PFS traded down $0.08 during midday trading on Tuesday, hitting $25.17. 111,397 shares of the stock traded hands, compared to its average volume of 169,548. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 1.92 and a beta of 0.85. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.10 and a quick ratio of 1.09. Provident Financial Services has a one year low of $23.26 and a one year high of $29.12.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 15th will be issued a $0.21 dividend. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Tuesday, August 14th. Provident Financial Services’s dividend payout ratio (DPR) is currently 52.63%.
In related news, Director James P. Dunigan bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The shares were bought at an average cost of $25.49 per share, with a total value of $25,490.00. Following the acquisition, the director now owns 4,926 shares in the company, valued at $125,563.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carlos Hernandez sold 3,600 shares of the firm’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $27.93, for a total value of $100,548.00. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 2,800 shares of company stock worth $73,948. 3.00% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of PFS. Asset Management One Co. Ltd. purchased a new stake in Provident Financial Services in the 1st quarter worth $129,000. KBC Group NV purchased a new position in shares of Provident Financial Services during the second quarter valued at about $174,000. NEXT Financial Group Inc purchased a new position in shares of Provident Financial Services during the first quarter valued at about $208,000. SG Americas Securities LLC purchased a new position in shares of Provident Financial Services during the first quarter valued at about $228,000. Finally, Private Advisor Group LLC purchased a new position in shares of Provident Financial Services during the second quarter valued at about $232,000. Institutional investors and hedge funds own 64.33% of the company’s stock.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA and KEOGH accounts.
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