Provident Financial Services, Inc. (NYSE:PFS) to Post Q2 2024 Earnings of $0.15 Per Share, DA Davidson Forecasts

Provident Financial Services, Inc. (NYSE:PFS) – DA Davidson issued their Q2 2024 earnings estimates for Provident Financial Services in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst M. Navas expects that the savings and loans company will post earnings of $0.15 per share for the quarter. DA Davidson currently has a “Buy” rating and a $20.00 target price on the stock. The consensus estimate for Provident Financial Services’ current full-year earnings is $1.63 per share. DA Davidson also issued estimates for Provident Financial Services’ FY2024 earnings at $1.75 EPS.

Several other research analysts also recently commented on PFS. TheStreet downgraded shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Royal Bank of Canada boosted their target price on shares of Provident Financial Services from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Monday. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Provident Financial Services currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Provident Financial Services Stock Down 2.3 %

Shares of PFS opened at $15.20 on Wednesday. Provident Financial Services has a one year low of $13.21 and a one year high of $19.62. The company has a market cap of $1.15 billion, a P/E ratio of 9.50 and a beta of 1.07. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.08 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $14.74 and a two-hundred day simple moving average of $15.66.

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

Institutional Trading of Provident Financial Services

A number of institutional investors have recently bought and sold shares of the company. American Century Companies Inc. boosted its position in Provident Financial Services by 3.1% during the third quarter. American Century Companies Inc. now owns 2,261,425 shares of the savings and loans company’s stock valued at $34,577,000 after acquiring an additional 68,856 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in Provident Financial Services by 1.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,885,897 shares of the savings and loans company’s stock valued at $34,003,000 after acquiring an additional 34,730 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Provident Financial Services by 5.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 938,254 shares of the savings and loans company’s stock valued at $16,917,000 after acquiring an additional 48,425 shares during the last quarter. Victory Capital Management Inc. boosted its position in Provident Financial Services by 1.9% during the fourth quarter. Victory Capital Management Inc. now owns 630,297 shares of the savings and loans company’s stock valued at $11,364,000 after acquiring an additional 11,778 shares during the last quarter. Finally, Norges Bank bought a new stake in Provident Financial Services during the fourth quarter valued at $9,419,000. Institutional investors own 71.97% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert Mcnerney sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the sale, the director now owns 9,475 shares of the company’s stock, valued at $169,223.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.29% of the stock is currently owned by insiders.

Provident Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be paid a $0.24 dividend. The ex-dividend date is Friday, April 26th. This represents a $0.96 annualized dividend and a dividend yield of 6.32%. Provident Financial Services’s dividend payout ratio is 60.00%.

About Provident Financial Services

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.