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.

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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.

Dividend History for Provident Financial Services (NYSE:PFS)

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