Zacks: Brokerages Anticipate Provident Financial Services, Inc. (PFS) Will Announce Quarterly Sales of $85.36 Million

Brokerages expect that Provident Financial Services, Inc. (NYSE:PFS) will report sales of $85.36 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Provident Financial Services’ earnings, with the highest sales estimate coming in at $85.51 million and the lowest estimate coming in at $85.21 million. Provident Financial Services reported sales of $81.10 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.3%. The business is scheduled to issue its next quarterly earnings report before the market opens on Friday, January 26th.

On average, analysts expect that Provident Financial Services will report full year sales of $85.36 million for the current fiscal year, with estimates ranging from $333.91 million to $334.21 million. For the next fiscal year, analysts anticipate that the firm will post sales of $351.60 million per share, with estimates ranging from $348.60 million to $354.61 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Provident Financial Services.

Provident Financial Services (NYSE:PFS) last posted its quarterly earnings data on Friday, October 27th. The savings and loans company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The company had revenue of $85.32 million for the quarter, compared to analyst estimates 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 posted $0.36 earnings per share.

A number of analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, September 28th. Piper Jaffray Companies reiterated a “hold” rating and set a $28.00 price objective on shares of Provident Financial Services in a research note on Tuesday. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $28.50 price objective on shares of Provident Financial Services in a research note on Wednesday, November 1st. ValuEngine lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Provident Financial Services has a consensus rating of “Hold” and an average target price of $28.30.

In related news, Director Laura L. Brooks sold 4,075 shares of Provident Financial Services stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $25.99, for a total value of $105,909.25. Following the completion of the sale, the director now owns 62,905 shares in the company, valued at $1,634,900.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carlos Hernandez sold 3,000 shares of Provident Financial Services stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $27.58, for a total transaction of $82,740.00. Following the completion of the sale, the director now owns 81,958 shares of the company’s stock, valued at approximately $2,260,401.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,175 shares of company stock valued at $690,186. Insiders own 2.90% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its stake in Provident Financial Services by 9.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 331,707 shares of the savings and loans company’s stock valued at $8,419,000 after purchasing an additional 29,986 shares during the last quarter. SG Americas Securities LLC bought a new stake in Provident Financial Services during the second quarter valued at $118,000. Legal & General Group Plc increased its stake in Provident Financial Services by 9.0% during the second quarter. Legal & General Group Plc now owns 120,032 shares of the savings and loans company’s stock valued at $3,045,000 after purchasing an additional 9,905 shares during the last quarter. Victory Capital Management Inc. increased its stake in Provident Financial Services by 8.1% during the second quarter. Victory Capital Management Inc. now owns 31,655 shares of the savings and loans company’s stock valued at $803,000 after purchasing an additional 2,364 shares during the last quarter. Finally, Swiss National Bank increased its stake in Provident Financial Services by 7.0% during the second quarter. Swiss National Bank now owns 104,600 shares of the savings and loans company’s stock valued at $2,655,000 after purchasing an additional 6,800 shares during the last quarter. Institutional investors and hedge funds own 63.67% of the company’s stock.

Provident Financial Services (PFS) traded up $0.03 on Friday, hitting $28.03. 131,505 shares of the stock were exchanged, compared to its average volume of 242,114. The stock has a market capitalization of $1,870.00, a price-to-earnings ratio of 18.56, a P/E/G ratio of 1.65 and a beta of 0.97. Provident Financial Services has a 12 month low of $23.19 and a 12 month high of $28.76. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.08 and a quick ratio of 1.08.

The business also recently declared a special dividend, which was paid on Friday, December 22nd. Investors of record on Friday, December 8th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, December 7th. This represents a dividend yield of 3.01%. Provident Financial Services’s dividend payout ratio (DPR) is presently 52.98%.

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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.

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Earnings History and Estimates for Provident Financial Services (NYSE:PFS)

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