Provident Financial Services, Inc (NYSE:PFS) Declares Dividend Increase – $0.20 Per Share
Provident Financial Services, Inc (NYSE:PFS) announced a quarterly dividend on Friday, July 28th, NASDAQ reports. Stockholders of record on Tuesday, August 15th will be given a dividend of 0.20 per share by the savings and loans company on Thursday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Friday, August 11th. This is an increase from Provident Financial Services’s previous quarterly dividend of $0.19.
Provident Financial Services has increased its dividend by an average of 8.2% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Provident Financial Services has a payout ratio of 54.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Provident Financial Services to earn $1.61 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 49.7%.
Provident Financial Services (NYSE:PFS) remained flat at $25.96 during midday trading on Friday. 131,753 shares of the company traded hands. Provident Financial Services has a 52 week low of $20.10 and a 52 week high of $28.92. The stock has a 50 day moving average of $25.36 and a 200 day moving average of $25.55. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 17.90 and a beta of 0.99.
Provident Financial Services (NYSE:PFS) last released its quarterly earnings data on Friday, July 28th. The savings and loans company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The business had revenue of $83.87 million for the quarter, compared to analyst estimates of $81.24 million. During the same quarter in the prior year, the firm posted $0.34 EPS. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Analysts expect that Provident Financial Services will post $1.49 EPS for the current year.
A number of research analysts have recently issued reports on PFS shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $26.00 target price on shares of Provident Financial Services in a research report on Monday, April 10th. Zacks Investment Research lowered Provident Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. ValuEngine upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 8th. BidaskClub upgraded Provident Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Finally, Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $26.90.
In other news, Director Carlos Hernandez sold 2,650 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $24.56, for a total transaction of $65,084.00. Following the transaction, the director now owns 81,408 shares in the company, valued at approximately $1,999,380.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.90% of the company’s stock.
About Provident Financial Services
Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.
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