Analysts expect that Provident Financial Services, Inc. (NYSE:PFS) will report $107.40 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Provident Financial Services’ earnings, with the highest sales estimate coming in at $109.80 million and the lowest estimate coming in at $105.40 million. Provident Financial Services posted sales of $89.01 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 20.7%. The company is scheduled to report its next earnings report before the market opens on Friday, April 30th.
On average, analysts expect that Provident Financial Services will report full-year sales of $422.10 million for the current financial year, with estimates ranging from $419.80 million to $426.50 million. For the next fiscal year, analysts forecast that the firm will report sales of $423.77 million, with estimates ranging from $414.20 million to $435.60 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Provident Financial Services.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, January 29th. The savings and loans company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.17. The company had revenue of $109.19 million for the quarter, compared to the consensus estimate of $108.42 million. Provident Financial Services had a net margin of 19.45% and a return on equity of 5.64%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS.
Shares of NYSE:PFS opened at $22.48 on Wednesday. Provident Financial Services has a fifty-two week low of $10.55 and a fifty-two week high of $24.20. The company’s 50-day moving average is $22.66 and its 200 day moving average is $18.33. The company has a market capitalization of $1.75 billion, a P/E ratio of 18.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.07.
The business also recently declared a quarterly dividend, which was paid on Friday, February 26th. Stockholders of record on Friday, February 12th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Thursday, February 11th. Provident Financial Services’s dividend payout ratio is presently 52.87%.
In other news, EVP James A. Christy sold 4,000 shares of the company’s stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $23.37, for a total transaction of $93,480.00. Following the sale, the executive vice president now directly owns 27,227 shares in the company, valued at $636,294.99. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of PFS. UBS Asset Management Americas Inc. increased its position in shares of Provident Financial Services by 24.7% in the third quarter. UBS Asset Management Americas Inc. now owns 57,238 shares of the savings and loans company’s stock worth $698,000 after purchasing an additional 11,320 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Provident Financial Services by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 624,700 shares of the savings and loans company’s stock worth $7,622,000 after purchasing an additional 87,283 shares during the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Provident Financial Services in the third quarter worth approximately $200,000. California State Teachers Retirement System increased its position in shares of Provident Financial Services by 18.8% in the third quarter. California State Teachers Retirement System now owns 109,504 shares of the savings and loans company’s stock worth $1,336,000 after purchasing an additional 17,300 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Provident Financial Services by 156.8% in the third quarter. Public Employees Retirement System of Ohio now owns 99,592 shares of the savings and loans company’s stock worth $1,215,000 after purchasing an additional 60,804 shares during the last quarter. Institutional investors own 61.48% of the company’s stock.
About Provident Financial Services
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.
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