Provident Financial Services, Inc. (PFS) Expected to Announce Quarterly Sales of $86.10 Million

Analysts expect that Provident Financial Services, Inc. (NYSE:PFS) will report sales of $86.10 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Provident Financial Services’ earnings. The lowest sales estimate is $85.80 million and the highest is $86.40 million. Provident Financial Services posted sales of $79.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 8.3%. The company is expected to announce its next quarterly earnings report on Friday, April 27th.

According to Zacks, analysts expect that Provident Financial Services will report full-year sales of $86.10 million for the current fiscal year, with estimates ranging from $352.40 million to $357.00 million. For the next year, analysts forecast that the company will report sales of $374.01 million per share, with estimates ranging from $367.10 million to $380.92 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Provident Financial Services.

Provident Financial Services (NYSE:PFS) last issued its earnings results on Friday, January 26th. The savings and loans company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). Provident Financial Services had a return on equity of 7.61% and a net margin of 24.75%. The business had revenue of $85.20 million during the quarter, compared to analysts’ expectations of $85.36 million. During the same period last year, the firm posted $0.35 EPS.

PFS has been the subject of several research reports. Zacks Investment Research raised 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 research report on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $28.50 price target on shares of Provident Financial Services in a research report on Wednesday, November 1st. Sandler O’Neill raised shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Friday, January 26th. Boenning Scattergood reaffirmed a “hold” rating on shares of Provident Financial Services in a research report on Monday, January 29th. Finally, ValuEngine lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $28.42.

Shares of Provident Financial Services (NYSE:PFS) traded up $0.18 during trading hours on Friday, reaching $25.93. The company’s stock had a trading volume of 173,500 shares, compared to its average volume of 191,409. Provident Financial Services has a fifty-two week low of $23.19 and a fifty-two week high of $28.76. The stock has a market cap of $1,725.25, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 1.76 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.08 and a debt-to-equity ratio of 1.36.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Thursday, February 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Wednesday, February 14th. Provident Financial Services’s payout ratio is currently 54.79%.

In other news, Director Frank L. Fekete sold 9,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $27.33, for a total transaction of $245,970.00. Following the completion of the sale, the director now owns 48,903 shares of the company’s stock, valued at approximately $1,336,518.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos Hernandez sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $27.58, for a total transaction of $82,740.00. Following the sale, the director now directly 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. Insiders have sold a total of 18,100 shares of company stock valued at $502,377 in the last ninety days. Insiders own 2.90% of the company’s stock.

Several large investors have recently made changes to their positions in PFS. New York State Common Retirement Fund grew its stake in shares of Provident Financial Services by 7.5% during the 2nd quarter. New York State Common Retirement Fund now owns 66,300 shares of the savings and loans company’s stock valued at $1,683,000 after acquiring an additional 4,599 shares during the period. Vanguard Group Inc. grew its stake in shares of Provident Financial Services by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 5,593,194 shares of the savings and loans company’s stock valued at $141,955,000 after acquiring an additional 44,502 shares during the period. Parametric Portfolio Associates LLC grew its stake in shares of Provident Financial Services by 19.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 170,467 shares of the savings and loans company’s stock valued at $4,326,000 after acquiring an additional 28,125 shares during the period. Voya Investment Management LLC grew its stake in shares of Provident Financial Services by 6.8% during the 2nd quarter. Voya Investment Management LLC now owns 31,906 shares of the savings and loans company’s stock valued at $810,000 after acquiring an additional 2,042 shares during the period. Finally, State Street Corp grew its stake in shares of Provident Financial Services by 4.1% during the 2nd quarter. State Street Corp now owns 1,533,692 shares of the savings and loans company’s stock valued at $38,931,000 after acquiring an additional 60,670 shares during the period. Institutional investors own 64.36% of the company’s stock.

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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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