Key Points
- Executive sale: EVP James Christy sold 3,000 Provident Financial Services shares for approximately $70,080, reducing his direct holdings by 6.51% to 43,083 shares.
- Financial performance: The company reported quarterly EPS of $0.60, beating estimates by $0.04, while revenue of $234.96 million also exceeded analyst expectations.
- Investor outlook: Provident pays a $0.24 quarterly dividend, equivalent to a 4.1% yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $26.79.
Provident Financial Services, Inc (NYSE:PFS - Get Free Report) EVP James Christy sold 3,000 shares of the firm's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $23.36, for a total value of $70,080.00. Following the transaction, the executive vice president directly owned 43,083 shares of the company's stock, valued at $1,006,418.88. This represents a 6.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Provident Financial Services Stock Performance
Shares of PFS stock opened at $23.32 on Wednesday. The company's fifty day moving average price is $23.93 and its 200-day moving average price is $22.74. The stock has a market cap of $3.04 billion, a PE ratio of 9.72 and a beta of 0.77. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.99. Provident Financial Services, Inc has a 12 month low of $17.69 and a 12 month high of $25.49.
Provident Financial Services (NYSE:PFS - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. The company had revenue of $234.96 million during the quarter, compared to analyst estimates of $225.57 million. During the same period last year, the business earned $0.55 EPS. On average, equities analysts expect that Provident Financial Services, Inc will post 2.42 EPS for the current fiscal year.
Provident Financial Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, August 14th. Provident Financial Services's dividend payout ratio is 40.00%.
Institutional Investors Weigh In On Provident Financial Services
Several institutional investors have recently modified their holdings of the business. Nykredit A S bought a new stake in Provident Financial Services in the 2nd quarter worth about $55,000. First Bancorp Inc ME bought a new position in Provident Financial Services during the 2nd quarter valued at about $86,000. Eurizon Capital SGR S.p.A. bought a new position in Provident Financial Services during the 4th quarter valued at about $176,000. Baron Wealth Management LLC purchased a new stake in shares of Provident Financial Services during the 2nd quarter valued at about $212,000. Finally, Flywheel Private Wealth LLC purchased a new stake in shares of Provident Financial Services during the 1st quarter valued at about $212,000. 71.97% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have recently issued reports on PFS. Piper Sandler reiterated an "overweight" rating and set a $29.00 target price (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Stephens assumed coverage on Provident Financial Services in a research note on Monday, June 8th. They issued an "equal weight" rating and a $24.00 price target on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Provident Financial Services in a research report on Wednesday, July 29th. Hovde Group lifted their price objective on Provident Financial Services from $26.50 to $28.50 and gave the company an "outperform" rating in a research note on Friday, July 31st. Finally, DA Davidson set a $26.00 target price on Provident Financial Services in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $26.79.
Get Our Latest Research Report on PFS
About Provident Financial Services
(
Get Free Report)
Provident Financial Services, Inc is the parent company of Provident Bank, a full-service community bank serving individuals, families, businesses and nonprofit organizations. The company provides a range of banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, commercial real estate financing, commercial and industrial loans, and consumer lending.
Through its banking operations, Provident also offers cash management, online and mobile banking, wealth management, trust services and other financial solutions.
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