Equities Analysts Set Expectations for Provident Financial Services, Inc.’s Q2 2024 Earnings (NYSE:PFS)

Provident Financial Services, Inc. (NYSE:PFS) – Analysts at DA Davidson issued their Q2 2024 EPS estimates for Provident Financial Services in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst M. Navas anticipates that the savings and loans company will post earnings per share of $0.15 for the quarter. DA Davidson has a “Buy” rating and a $20.00 price objective on the stock. The consensus estimate for Provident Financial Services’ current full-year earnings is $1.53 per share. DA Davidson also issued estimates for Provident Financial Services’ FY2024 earnings at $1.75 EPS.

PFS has been the topic of a number of other reports. Royal Bank of Canada boosted their price target on Provident Financial Services from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Monday. TheStreet downgraded Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods cut their price target on Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Tuesday, March 26th. Finally, StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Provident Financial Services Price Performance

Shares of PFS stock opened at $15.54 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.07 and a current ratio of 1.08. The firm has a market cap of $1.17 billion, a P/E ratio of 9.71 and a beta of 1.07. The business’s 50 day moving average price is $14.75 and its 200-day moving average price is $15.66. Provident Financial Services has a fifty-two week low of $13.21 and a fifty-two week high of $19.62.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, April 19th. The savings and loans company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The company had revenue of $114.48 million for the quarter, compared to the consensus estimate of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share.

Hedge Funds Weigh In On Provident Financial Services

Several institutional investors have recently made changes to their positions in the company. TFO Wealth Partners LLC raised its position in Provident Financial Services by 17,508.3% during the fourth quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after acquiring an additional 2,101 shares during the period. International Assets Investment Management LLC raised its position in shares of Provident Financial Services by 1,728.7% during the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after purchasing an additional 6,932 shares during the last quarter. Oak Thistle LLC purchased a new position in Provident Financial Services in the 4th quarter valued at about $202,000. Everence Capital Management Inc. purchased a new position in Provident Financial Services in the 4th quarter valued at about $253,000. Finally, Orion Portfolio Solutions LLC boosted its holdings in Provident Financial Services by 8.9% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock worth $221,000 after buying an additional 1,184 shares during the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Provident Financial Services

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the business’s 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 sale, the director now owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.44% of the company’s stock.

Provident Financial Services Announces Dividend

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

Provident Financial Services Company Profile

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.