Provident Financial Services (NYSE:PFS) Shares Gap Up After Earnings Beat

Shares of Provident Financial Services, Inc. (NYSE:PFS) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $14.46, but opened at $15.18. Provident Financial Services shares last traded at $15.19, with a volume of 259,224 shares traded.

The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. The company had revenue of $114.48 million for the quarter, compared to analysts’ expectations of $114.50 million. Provident Financial Services had a return on equity of 7.31% and a net margin of 16.78%. The firm’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same period last year, the business posted $0.54 earnings per share.

Provident Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend is Friday, April 26th. Provident Financial Services’s dividend payout ratio is currently 60.00%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. DA Davidson upgraded shares of Provident Financial Services from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $20.00 in a research note on Monday. StockNews.com upgraded shares of Provident Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price objective on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. Royal Bank of Canada lifted their price objective on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Monday. Finally, TheStreet cut shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Provident Financial Services presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Insider Buying and Selling

In related news, Director Robert Mcnerney sold 5,000 shares of Provident Financial Services stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.86, for a total value of $89,300.00. Following the transaction, the director now owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

A number of institutional investors have recently bought and sold shares of PFS. TFO Wealth Partners LLC increased its stake in Provident Financial Services by 17,508.3% in the 4th quarter. TFO Wealth Partners LLC now owns 2,113 shares of the savings and loans company’s stock worth $38,000 after purchasing an additional 2,101 shares in the last quarter. International Assets Investment Management LLC increased its stake in Provident Financial Services by 1,728.7% in the 4th quarter. International Assets Investment Management LLC now owns 7,333 shares of the savings and loans company’s stock worth $132,000 after purchasing an additional 6,932 shares in the last quarter. Oak Thistle LLC purchased a new position in Provident Financial Services during the 4th quarter valued at about $202,000. Orion Portfolio Solutions LLC increased its holdings in shares of Provident Financial Services by 8.9% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,434 shares of the savings and loans company’s stock valued at $221,000 after purchasing an additional 1,184 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Provident Financial Services by 41.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,016 shares of the savings and loans company’s stock valued at $230,000 after purchasing an additional 4,403 shares during the period. Hedge funds and other institutional investors own 71.97% of the company’s stock.

Provident Financial Services Stock Up 2.2 %

The company has a market cap of $1.17 billion, a price-to-earnings ratio of 9.71 and a beta of 1.07. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.25. The business has a fifty day moving average price of $14.75 and a two-hundred day moving average price of $15.66.

Provident Financial Services Company Profile

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. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.