Key Points
- Provident Financial Services CEO George Lista sold 2,556 shares on May 8 at an average price of $22.40, totaling about $57,254. After the sale, he still held 109,262 shares, a 2.29% reduction in his position.
- The company recently reported better-than-expected quarterly earnings, posting $0.61 EPS versus the $0.55 consensus estimate, while revenue rose 7.9% year over year to $225.2 million.
- Provident Financial Services also declared a quarterly dividend of $0.24 per share, implying an annualized yield of 4.4%, and analysts currently have a consensus Buy rating with an average price target of $23.92.
Provident Financial Services, Inc (NYSE:PFS - Get Free Report) CEO George Lista sold 2,556 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $22.40, for a total value of $57,254.40. Following the completion of the sale, the chief executive officer owned 109,262 shares in the company, valued at approximately $2,447,468.80. This represents a 2.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Provident Financial Services Stock Down 0.5%
PFS opened at $21.99 on Wednesday. Provident Financial Services, Inc has a one year low of $15.92 and a one year high of $23.98. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 9.36 and a beta of 0.80. The business's fifty day moving average is $21.60 and its two-hundred day moving average is $20.84. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.04 and a current ratio of 1.04.
Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 10.98%. The firm had revenue of $225.20 million for the quarter, compared to analysts' expectations of $225.62 million. During the same period in the prior year, the company earned $0.49 EPS. The firm's revenue was up 7.9% on a year-over-year basis. Analysts anticipate that Provident Financial Services, Inc will post 2.36 EPS for the current fiscal year.
Provident Financial Services Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, May 15th. Provident Financial Services's payout ratio is 40.85%.
Provident Financial Services announced that its board has approved a share repurchase plan on Monday, January 26th that authorizes the company to buyback $2.81 million in outstanding shares. This buyback authorization authorizes the savings and loans company to buy up to 0.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Provident Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on Provident Financial Services from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Piper Sandler initiated coverage on Provident Financial Services in a research report on Monday, March 16th. They set an "overweight" rating and a $25.00 target price on the stock. DA Davidson reissued a "neutral" rating and set a $23.00 price objective on shares of Provident Financial Services in a research note on Friday, May 1st. Finally, Royal Bank Of Canada set a $25.00 target price on Provident Financial Services in a research report on Thursday, January 29th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $23.92.
View Our Latest Analysis on PFS
Institutional Trading of Provident Financial Services
A number of institutional investors have recently added to or reduced their stakes in the business. Key Capital Management INC acquired a new position in Provident Financial Services during the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Provident Financial Services by 358.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company's stock valued at $27,000 after acquiring an additional 1,210 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Provident Financial Services during the fourth quarter worth about $33,000. Danske Bank A S purchased a new stake in shares of Provident Financial Services during the third quarter worth about $58,000. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of Provident Financial Services by 40.9% in the third quarter. Hillsdale Investment Management Inc. now owns 3,100 shares of the savings and loans company's stock worth $60,000 after acquiring an additional 900 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.
Provident Financial Services Company Profile
(
Get Free Report)
Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.
Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.
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