Equities Analysts Set Expectations for Provident Financial Services, Inc.’s Q1 2018 Earnings (PFS)

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.

Shares of Provident Financial Services (NYSE:PFS) opened at $26.48 on Wednesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.08 and a current ratio of 1.12. The stock has a market cap of $1,766.51, a PE ratio of 17.47, a PEG ratio of 1.51 and a beta of 0.97. Provident Financial Services has a 1-year low of $23.19 and a 1-year high of $28.76.

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.

Earnings History and Estimates for Provident Financial Services (NYSE:PFS)

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