Provident Financial Services (NYSE:PFS) Shares Gap Up After Earnings Beat

Provident Financial Services, Inc. (NYSE:PFS) shares gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.46, but opened at $15.18. Provident Financial Services shares last traded at $15.19, with a volume of 259,224 shares trading hands.

The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $114.48 million for the quarter, compared to analysts’ expectations of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The company’s revenue was down 12.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS.

Provident Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 6.18%. The ex-dividend date is Friday, April 26th. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Analysts Set New Price Targets

Several analysts have commented on PFS shares. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods dropped their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. TheStreet downgraded shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Royal Bank of Canada increased their price objective on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Monday. Finally, DA Davidson upgraded shares of Provident Financial Services from a “neutral” rating to a “buy” rating and increased their price objective for the company from $15.00 to $20.00 in a research note on Monday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Insider Activity

In related news, Director Robert Mcnerney sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. lifted its position in Provident Financial Services by 3.1% during the third quarter. American Century Companies Inc. now owns 2,261,425 shares of the savings and loans company’s stock valued at $34,577,000 after acquiring an additional 68,856 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Provident Financial Services by 1.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,885,897 shares of the savings and loans company’s stock valued at $34,003,000 after acquiring an additional 34,730 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Provident Financial Services by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 938,254 shares of the savings and loans company’s stock worth $16,917,000 after buying an additional 48,425 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Provident Financial Services by 1.9% in the fourth quarter. Victory Capital Management Inc. now owns 630,297 shares of the savings and loans company’s stock worth $11,364,000 after buying an additional 11,778 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Provident Financial Services in the fourth quarter worth $9,419,000. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Trading Up 2.2 %

The stock’s fifty day simple moving average is $14.75 and its 200-day simple moving average is $15.66. The firm has a market cap of $1.17 billion, a PE ratio of 9.71 and a beta of 1.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.08 and a quick ratio of 1.07.

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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.