Wall Street brokerages expect Provident Financial Services, Inc. (NYSE:PFS) to post sales of $89.09 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Provident Financial Services’ earnings, with estimates ranging from $88.60 million to $89.57 million. Provident Financial Services posted sales of $85.32 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.4%. The company is scheduled to report its next earnings report on Friday, October 26th.
According to Zacks, analysts expect that Provident Financial Services will report full-year sales of $354.02 million for the current financial year, with estimates ranging from $353.30 million to $354.56 million. For the next fiscal year, analysts anticipate that the firm will report sales of $373.96 million, with estimates ranging from $372.00 million to $376.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow Provident Financial Services.
Provident Financial Services (NYSE:PFS) last posted its quarterly earnings results on Friday, July 27th. The savings and loans company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.15). Provident Financial Services had a return on equity of 7.46% and a net margin of 23.56%. The business had revenue of $88.12 million for the quarter, compared to analyst estimates of $87.99 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was up 5.1% on a year-over-year basis.
In other news, Director James P. Dunigan bought 1,000 shares of Provident Financial Services stock in a transaction dated Tuesday, July 31st. The shares were bought at an average price of $25.49 per share, for a total transaction of $25,490.00. Following the purchase, the director now owns 4,926 shares of the company’s stock, valued at $125,563.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.00% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. KBC Group NV acquired a new stake in shares of Provident Financial Services in the 2nd quarter valued at $174,000. Aperio Group LLC boosted its stake in shares of Provident Financial Services by 18.0% in the 2nd quarter. Aperio Group LLC now owns 22,797 shares of the savings and loans company’s stock valued at $628,000 after purchasing an additional 3,484 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Provident Financial Services by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 971,668 shares of the savings and loans company’s stock valued at $26,750,000 after purchasing an additional 4,041 shares in the last quarter. Alps Advisors Inc. acquired a new stake in shares of Provident Financial Services in the 2nd quarter valued at $513,000. Finally, California Public Employees Retirement System boosted its stake in shares of Provident Financial Services by 2.9% in the 1st quarter. California Public Employees Retirement System now owns 207,075 shares of the savings and loans company’s stock valued at $5,299,000 after purchasing an additional 5,784 shares in the last quarter. Institutional investors own 65.15% of the company’s stock.
PFS opened at $24.31 on Thursday. Provident Financial Services has a fifty-two week low of $23.26 and a fifty-two week high of $29.12. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 1.87 and a beta of 0.78.
The company also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Wednesday, August 15th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Tuesday, August 14th. This is an increase from Provident Financial Services’s previous quarterly dividend of $0.20. Provident Financial Services’s payout ratio is currently 55.26%.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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