Provident Financial Services, Inc (PFS) Expected to Post Quarterly Sales of $83.84 Million
Wall Street analysts predict that Provident Financial Services, Inc (NYSE:PFS) will report $83.84 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Provident Financial Services’ earnings, with estimates ranging from $82.79 million to $84.88 million. Provident Financial Services reported sales of $79.04 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6.1%. The company is expected to issue its next earnings report before the market opens on Friday, October 27th.
According to Zacks, analysts expect that Provident Financial Services will report full-year sales of $83.84 million for the current year, with estimates ranging from $331.14 million to $335.00 million. For the next financial year, analysts expect that the firm will report sales of $352.80 million per share, with estimates ranging from $347.38 million to $358.22 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Provident Financial Services.
Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $83.87 million for the quarter, compared to the consensus estimate of $81.24 million. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. Provident Financial Services’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.34 earnings per share.
A number of equities research analysts recently issued reports on PFS shares. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $30.00 target price on shares of Provident Financial Services in a research note on Friday, September 8th. DA Davidson began coverage on Provident Financial Services in a research note on Friday, September 1st. They set a “neutral” rating and a $25.00 price target on the stock. Zacks Investment Research downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. BidaskClub downgraded Provident Financial Services from a “sell” rating to a “strong sell” rating in a report on Thursday, June 22nd. Finally, ValuEngine downgraded Provident Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Provident Financial Services currently has an average rating of “Hold” and a consensus target price of $27.50.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in shares of Provident Financial Services during the second quarter valued at approximately $118,000. Ameritas Investment Partners Inc. acquired a new position in Provident Financial Services in the first quarter worth approximately $136,000. Amalgamated Bank grew its position in Provident Financial Services by 1.5% in the second quarter. Amalgamated Bank now owns 8,387 shares of the savings and loans company’s stock worth $213,000 after buying an additional 126 shares during the last quarter. Susquehanna International Group LLP acquired a new position in Provident Financial Services in the second quarter worth approximately $251,000. Finally, OppenheimerFunds Inc. acquired a new position in Provident Financial Services in the first quarter worth approximately $293,000. Institutional investors and hedge funds own 61.23% of the company’s stock.
Provident Financial Services (NYSE:PFS) opened at 27.64 on Friday. The firm’s 50-day moving average price is $25.64 and its 200-day moving average price is $25.25. The stock has a market cap of $1.78 billion, a P/E ratio of 19.06 and a beta of 1.01. Provident Financial Services has a 12 month low of $20.93 and a 12 month high of $28.92.
Provident Financial Services Company Profile
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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