DA Davidson Equities Analysts Raise Earnings Estimates for Provident Financial Services, Inc (PFS)

Provident Financial Services, Inc (NYSE:PFS) – Stock analysts at DA Davidson increased their FY2017 earnings per share estimates for Provident Financial Services in a research note issued on Monday. DA Davidson analyst R. Gunther now expects that the savings and loans company will post earnings of $1.54 per share for the year, up from their prior estimate of $1.49. DA Davidson currently has a “Neutral” rating and a $25.00 target price on the stock. DA Davidson also issued estimates for Provident Financial Services’ Q4 2017 earnings at $0.38 EPS, Q1 2018 earnings at $0.38 EPS, Q3 2018 earnings at $0.41 EPS, Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.58 EPS, Q1 2019 earnings at $0.39 EPS, Q2 2019 earnings at $0.40 EPS, Q3 2019 earnings at $0.42 EPS and FY2019 earnings at $1.63 EPS.

A number of other research firms have also commented on PFS. Zacks Investment Research upgraded shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Wednesday. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $28.50 price target on shares of Provident Financial Services in a report on Wednesday. Royal Bank Of Canada reiterated a “buy” rating and set a $30.00 price target on shares of Provident Financial Services in a report on Friday, September 8th. ValuEngine lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, BidaskClub lowered shares of Provident Financial Services from a “sell” rating to a “strong sell” rating in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.80.

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Provident Financial Services (NYSE:PFS) last released its quarterly earnings results on Friday, October 27th. The savings and loans company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.04. The firm had revenue of $85.32 million during the quarter, compared to the consensus estimate of $83.84 million. Provident Financial Services had a net margin of 25.90% and a return on equity of 7.61%. During the same quarter last year, the firm earned $0.36 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, November 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Tuesday, November 14th. Provident Financial Services’s dividend payout ratio (DPR) is 52.98%.

In related news, Director Edward Odonnell sold 3,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.30, for a total transaction of $81,900.00. Following the sale, the director now directly owns 91,335 shares of the company’s stock, valued at approximately $2,493,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in Provident Financial Services during the 2nd quarter worth approximately $118,000. 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. Susquehanna International Group LLP bought a new stake in Provident Financial Services during the 2nd quarter worth approximately $251,000. Crossmark Global Holdings Inc. bought a new stake in Provident Financial Services during the 3rd quarter worth approximately $298,000. Finally, OppenheimerFunds Inc. bought a new stake in Provident Financial Services during the 1st quarter worth approximately $293,000. Hedge funds and other institutional investors own 61.40% of the company’s stock.

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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