Provident Financial Services, Inc. (NYSE:PFS) – Investment analysts at Boenning Scattergood dropped their Q1 2018 earnings estimates for shares of Provident Financial Services in a report released on Monday. Boenning Scattergood analyst M. Schultheis now anticipates that the savings and loans company will earn $0.43 per share for the quarter, down from their prior forecast of $0.46. Boenning Scattergood has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for Provident Financial Services’ Q2 2018 earnings at $0.46 EPS, FY2018 earnings at $1.87 EPS and FY2019 earnings at $1.96 EPS.
A number of other analysts also recently issued reports on PFS. Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $28.50 price target on shares of Provident Financial Services in a report on Wednesday, November 1st. ValuEngine downgraded shares of Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Sandler O’Neill downgraded shares of Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $28.00 price target on shares of Provident Financial Services in a report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $28.42.
Provident Financial Services (NYSE:PFS) last announced its quarterly earnings data on Friday, January 26th. The savings and loans company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.03). Provident Financial Services had a net margin of 24.75% and a return on equity of 7.61%. The firm had revenue of $85.20 million for the quarter, compared to analysts’ expectations of $85.36 million. During the same period last year, the company posted $0.35 earnings per share.
Several large investors have recently modified their holdings of PFS. Schwab Charles Investment Management Inc. lifted its stake in shares of Provident Financial Services by 9.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 331,707 shares of the savings and loans company’s stock worth $8,419,000 after purchasing an additional 29,986 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Provident Financial Services by 2.5% in the 2nd quarter. Alliancebernstein L.P. now owns 84,531 shares of the savings and loans company’s stock worth $2,145,000 after purchasing an additional 2,100 shares during the period. BlackRock Inc. raised its stake in Provident Financial Services by 0.3% during the 2nd quarter. BlackRock Inc. now owns 7,549,296 shares of the savings and loans company’s stock worth $191,599,000 after acquiring an additional 24,423 shares during the period. Amalgamated Bank raised its stake in Provident Financial Services by 1.5% during the 2nd quarter. Amalgamated Bank now owns 8,387 shares of the savings and loans company’s stock worth $213,000 after acquiring an additional 126 shares during the period. Finally, New York State Common Retirement Fund raised its stake in Provident Financial Services by 7.5% during the 2nd quarter. New York State Common Retirement Fund now owns 66,300 shares of the savings and loans company’s stock worth $1,683,000 after acquiring an additional 4,599 shares during the period. Hedge funds and other institutional investors own 63.76% of the company’s stock.
In other news, Director Carlos Hernandez sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $27.58, for a total value of $82,740.00. Following the transaction, the director now owns 81,958 shares in the company, valued at approximately $2,260,401.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Laura L. Brooks sold 4,075 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $25.99, for a total transaction of $105,909.25. Following the completion of the transaction, the director now owns 62,905 shares in the company, valued at approximately $1,634,900.95. The disclosure for this sale can be found here. Insiders sold a total of 22,175 shares of company stock worth $608,286 in the last quarter. Company insiders own 2.90% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Thursday, February 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Wednesday, February 14th. Provident Financial Services’s dividend payout ratio (DPR) is presently 54.79%.
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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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