Equities analysts expect Provident Financial Services, Inc. (NYSE:PFS) to report earnings per share (EPS) of $0.46 for the current quarter, Zacks reports. Three analysts have made estimates for Provident Financial Services’ earnings. The lowest EPS estimate is $0.45 and the highest is $0.46. Provident Financial Services reported earnings of $0.41 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 12.2%. The firm is scheduled to issue its next quarterly earnings report on Friday, October 26th.
On average, analysts expect that Provident Financial Services will report full-year earnings of $1.64 per share for the current fiscal year, with EPS estimates ranging from $1.64 to $1.65. For the next fiscal year, analysts forecast that the company will report earnings of $1.74 per share, with EPS estimates ranging from $1.72 to $1.75. Zacks’ EPS calculations are an average based on a survey of research analysts that cover Provident Financial Services.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.15). Provident Financial Services had a net margin of 23.56% and a return on equity of 7.46%. The business had revenue of $88.12 million during the quarter, compared to analysts’ expectations of $87.99 million. During the same period last year, the company earned $0.38 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis.
In related news, Director James P. Dunigan purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 31st. The stock was purchased at an average price of $25.49 per share, with a total value of $25,490.00. Following the completion of the transaction, the director now owns 4,926 shares of the company’s stock, valued at approximately $125,563.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos Hernandez sold 3,600 shares of the company’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $27.93, for a total transaction of $100,548.00. The disclosure for this sale can be found here. In the last three months, insiders bought 2,800 shares of company stock valued at $73,948. Company insiders own 3.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of PFS. Deutsche Bank AG increased its position in Provident Financial Services by 78.3% during the fourth quarter. Deutsche Bank AG now owns 180,126 shares of the savings and loans company’s stock worth $4,856,000 after purchasing an additional 79,084 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Provident Financial Services by 2.7% during the fourth quarter. TIAA CREF Investment Management LLC now owns 277,337 shares of the savings and loans company’s stock worth $7,480,000 after purchasing an additional 7,218 shares during the last quarter. Millennium Management LLC increased its position in Provident Financial Services by 69.5% during the fourth quarter. Millennium Management LLC now owns 343,518 shares of the savings and loans company’s stock worth $9,265,000 after purchasing an additional 140,816 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in Provident Financial Services during the fourth quarter worth approximately $785,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Provident Financial Services during the fourth quarter worth approximately $296,000. 64.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Provident Financial Services traded down $0.08, reaching $25.17, during trading on Friday, MarketBeat Ratings reports. The stock had a trading volume of 111,397 shares, compared to its average volume of 169,548. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.10 and a quick ratio of 1.09. The firm has a market cap of $1.69 billion, a PE ratio of 16.56, a P/E/G ratio of 1.92 and a beta of 0.85. Provident Financial Services has a fifty-two week low of $23.26 and a fifty-two week high of $29.12.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Tuesday, August 14th. This is a positive change from Provident Financial Services’s previous quarterly dividend of $0.20. Provident Financial Services’s payout ratio is currently 52.63%.
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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