Provident Financial Services, Inc. (NYSE:PFS) to Post Q1 2021 Earnings of $0.43 Per Share, Boenning Scattergood Forecasts

Provident Financial Services, Inc. (NYSE:PFS) – Equities research analysts at Boenning Scattergood dropped their Q1 2021 earnings per share (EPS) estimates for shares of Provident Financial Services in a research report issued on Tuesday, April 13th. Boenning Scattergood analyst E. Zwick now forecasts that the savings and loans company will post earnings per share of $0.43 for the quarter, down from their prior estimate of $0.47. Boenning Scattergood has a “Neutral” rating on the stock. Boenning Scattergood also issued estimates for Provident Financial Services’ Q2 2021 earnings at $0.46 EPS.

PFS has been the subject of several other reports. Barclays reaffirmed an “overweight” rating on shares of Provident Financial Services in a report on Monday, February 22nd. Zacks Investment Research raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Wednesday, February 3rd. Finally, Royal Bank of Canada raised shares of Provident Financial Services from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $23.00 to $26.00 in a research note on Thursday, March 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $20.33.

NYSE PFS opened at $23.23 on Wednesday. Provident Financial Services has a one year low of $10.55 and a one year high of $24.20. The company has a 50-day simple moving average of $22.37 and a 200-day simple moving average of $18.06. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $1.81 billion, a PE ratio of 19.04 and a beta of 1.04.

Provident Financial Services (NYSE:PFS) last released its earnings results on Friday, January 29th. The savings and loans company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.17. The company had revenue of $109.19 million during the quarter, compared to the consensus estimate of $108.42 million. Provident Financial Services had a net margin of 19.45% and a return on equity of 5.64%. The company’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 EPS.

The business also recently declared a quarterly dividend, which was paid on Friday, February 26th. Shareholders of record on Friday, February 12th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, February 11th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.96%. Provident Financial Services’s dividend payout ratio (DPR) is 52.87%.

In other Provident Financial Services news, EVP James A. Christy sold 4,000 shares of the business’s stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $23.37, for a total transaction of $93,480.00. Following the sale, the executive vice president now directly owns 27,227 shares in the company, valued at approximately $636,294.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.40% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. Veriti Management LLC purchased a new position in shares of Provident Financial Services during the 4th quarter valued at $66,000. Sowell Financial Services LLC purchased a new position in shares of Provident Financial Services during the 4th quarter valued at $112,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Provident Financial Services by 46.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,167 shares of the savings and loans company’s stock valued at $147,000 after acquiring an additional 2,577 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Provident Financial Services by 29.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,377 shares of the savings and loans company’s stock valued at $150,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Provident Financial Services in the first quarter worth $210,000. 61.48% of the stock is currently owned by institutional investors.

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. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.

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