Wall Street analysts expect Provident Financial Services, Inc. (NYSE:PFS) to report sales of $91.04 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Provident Financial Services’ earnings. The highest sales estimate is $91.70 million and the lowest is $90.62 million. Provident Financial Services reported sales of $88.12 million in the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The company is expected to issue its next earnings results on Friday, July 26th.
On average, analysts expect that Provident Financial Services will report full year sales of $363.11 million for the current year, with estimates ranging from $360.50 million to $364.63 million. For the next fiscal year, analysts expect that the firm will post sales of $378.26 million, with estimates ranging from $373.80 million to $380.90 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Provident Financial Services.
Provident Financial Services (NYSE:PFS) last released its earnings results on Friday, April 26th. The savings and loans company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The firm had revenue of $87.20 million for the quarter, compared to analysts’ expectations of $90.53 million. Provident Financial Services had a return on equity of 9.03% and a net margin of 28.66%. During the same quarter in the previous year, the business posted $0.43 EPS.
PFS has been the topic of several research reports. Zacks Investment Research upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Friday, January 18th. Boenning Scattergood reiterated a “hold” rating on shares of Provident Financial Services in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Provident Financial Services presently has a consensus rating of “Hold” and a consensus price target of $27.50.
NYSE PFS traded down $0.29 during trading on Friday, hitting $25.12. The stock had a trading volume of 88,481 shares, compared to its average volume of 183,507. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.69 and a beta of 0.55. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.08 and a current ratio of 1.07. Provident Financial Services has a 12 month low of $22.22 and a 12 month high of $29.12.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend is Tuesday, May 14th. Provident Financial Services’s dividend payout ratio is currently 50.55%.
In other news, Director Frank L. Fekete sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $27.26, for a total transaction of $136,300.00. Following the sale, the director now owns 38,953 shares in the company, valued at approximately $1,061,858.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James P. Dunigan acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were bought at an average price of $27.30 per share, for a total transaction of $27,300.00. The disclosure for this purchase can be found here. Corporate insiders own 3.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Quantamental Technologies LLC bought a new stake in shares of Provident Financial Services during the 1st quarter worth approximately $49,000. FMR LLC increased its holdings in shares of Provident Financial Services by 45.3% during the 4th quarter. FMR LLC now owns 1,954 shares of the savings and loans company’s stock worth $47,000 after acquiring an additional 609 shares during the last quarter. US Bancorp DE increased its holdings in shares of Provident Financial Services by 26.2% during the 1st quarter. US Bancorp DE now owns 2,501 shares of the savings and loans company’s stock worth $64,000 after acquiring an additional 520 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Provident Financial Services by 31.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,140 shares of the savings and loans company’s stock worth $100,000 after acquiring an additional 1,000 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in shares of Provident Financial Services during the 1st quarter worth approximately $210,000. Institutional investors own 68.07% 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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA, and KEOGH products.
Featured Story: What are different types of coverage ratios?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Provident Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.