Provident Financial Services, Inc. (PFS) Expected to Post Quarterly Sales of $89.09 Million

Equities research analysts predict that Provident Financial Services, Inc. (NYSE:PFS) will announce $89.09 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Provident Financial Services’ earnings. The lowest sales estimate is $88.60 million and the highest is $89.57 million. Provident Financial Services reported sales of $85.32 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.4%. The company is expected to announce its next quarterly 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 financial year, analysts forecast that the business will post sales of $373.96 million per share, with estimates ranging from $372.00 million to $376.30 million. Zacks’ sales averages are an average based on a survey of research firms that cover 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 Thomson Reuters’ consensus estimate of $0.45 by ($0.15). Provident Financial Services had a net margin of 23.56% and a return on equity of 7.46%. The company had revenue of $88.12 million for the quarter, compared to the consensus estimate of $87.99 million. During the same period in the prior year, the firm posted $0.38 EPS. The business’s revenue was up 5.1% on a year-over-year basis.

A number of brokerages recently commented on PFS. Sandler O’Neill downgraded shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. They noted that the move was a valuation call. Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a research note on Friday, July 27th. Zacks Investment Research downgraded shares of Provident Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, June 28th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $25.50 price objective on shares of Provident Financial Services in a research note on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $28.00.

Provident Financial Services traded down $0.08, reaching $25.17, during trading hours on Tuesday, Marketbeat Ratings reports. The company’s stock had a trading volume of 111,397 shares, compared to its average volume of 169,548. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.92 and a beta of 0.85. Provident Financial Services has a 12 month low of $23.26 and a 12 month high of $29.12. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 1.27.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th will be issued a $0.21 dividend. This is a positive change from Provident Financial Services’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 3.34%. The ex-dividend date is Tuesday, August 14th. Provident Financial Services’s payout ratio is currently 52.63%.

In other news, Director Matthew K. Harding purchased 1,000 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were acquired at an average cost of $25.73 per share, with a total value of $25,730.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carlos Hernandez sold 3,600 shares of Provident Financial Services stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $27.93, for a total transaction of $100,548.00. The disclosure for this sale can be found here. Insiders acquired 2,800 shares of company stock worth $73,948 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFS. BlackRock Inc. grew its holdings in Provident Financial Services by 5.9% in the second quarter. BlackRock Inc. now owns 8,551,844 shares of the savings and loans company’s stock worth $235,435,000 after purchasing an additional 477,216 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Provident Financial Services by 684.8% during the first quarter. PNC Financial Services Group Inc. now owns 197,907 shares of the savings and loans company’s stock valued at $5,063,000 after buying an additional 172,689 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Provident Financial Services by 69.5% during the fourth quarter. Millennium Management LLC now owns 343,518 shares of the savings and loans company’s stock valued at $9,265,000 after buying an additional 140,816 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Provident Financial Services by 48.9% during the first quarter. Wells Fargo & Company MN now owns 369,095 shares of the savings and loans company’s stock valued at $9,445,000 after buying an additional 121,204 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Provident Financial Services by 78.3% during the fourth quarter. Deutsche Bank AG now owns 180,126 shares of the savings and loans company’s stock valued at $4,856,000 after buying an additional 79,084 shares during the last quarter. 64.33% of the stock is currently owned by institutional investors and hedge funds.

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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