Provident Financial Services, Inc. (NYSE:PFS - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $19.19, but opened at $18.38. Provident Financial Services shares last traded at $18.60, with a volume of 155,521 shares.
The savings and loans company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%.
Provident Financial Services Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend is Friday, February 14th. Provident Financial Services's payout ratio is 92.31%.
Wall Street Analyst Weigh In
PFS has been the subject of a number of recent analyst reports. DA Davidson raised their price objective on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, November 15th. StockNews.com raised Provident Financial Services from a "sell" rating to a "hold" rating in a report on Wednesday. Royal Bank of Canada dropped their price objective on Provident Financial Services from $24.00 to $23.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Hovde Group started coverage on Provident Financial Services in a research report on Friday, December 13th. They issued an "outperform" rating and a $25.00 price objective for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.00.
View Our Latest Stock Report on PFS
Insider Transactions at Provident Financial Services
In related news, EVP James A. Christy sold 3,500 shares of the business's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total value of $73,080.00. Following the sale, the executive vice president now directly owns 34,254 shares in the company, valued at $715,223.52. The trade was a 9.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.29% of the company's stock.
Hedge Funds Weigh In On Provident Financial Services
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFS. Nomura Asset Management Co. Ltd. increased its stake in shares of Provident Financial Services by 120.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company's stock worth $28,000 after purchasing an additional 820 shares in the last quarter. KBC Group NV increased its position in Provident Financial Services by 40.7% during the fourth quarter. KBC Group NV now owns 6,387 shares of the savings and loans company's stock worth $121,000 after buying an additional 1,848 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Provident Financial Services by 1,779.7% in the third quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company's stock worth $146,000 after acquiring an additional 7,457 shares during the last quarter. Allworth Financial LP lifted its position in shares of Provident Financial Services by 35,936.4% in the fourth quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company's stock valued at $151,000 after acquiring an additional 7,906 shares in the last quarter. Finally, Haverford Trust Co acquired a new stake in shares of Provident Financial Services during the third quarter valued at $187,000. Institutional investors and hedge funds own 71.97% of the company's stock.
Provident Financial Services Trading Up 1.4 %
The business has a 50-day moving average of $19.64 and a 200 day moving average of $19.02. The stock has a market cap of $2.42 billion, a PE ratio of 17.85 and a beta of 1.08. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03.
Provident Financial Services Company Profile
(
Get Free Report)
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.
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