Provident Financial Services, Inc. (PFS) Declares $0.20 Quarterly Dividend
Provident Financial Services, Inc. (NYSE:PFS) announced a quarterly dividend on Thursday, January 25th, Zacks reports. Investors of record on Thursday, February 15th will be given a dividend of 0.20 per share by the savings and loans company on Wednesday, February 28th. This represents a $0.80 annualized dividend and a yield of 3.15%. The ex-dividend date is Wednesday, February 14th.
Provident Financial Services has increased its dividend by an average of 9.1% per year over the last three years and has raised its dividend every year for the last 7 years. Provident Financial Services has a payout ratio of 51.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Provident Financial Services to earn $1.83 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 43.7%.
Provident Financial Services (PFS) traded up $0.25 during trading on Friday, reaching $25.39. 43,175 shares of the company traded hands, compared to its average volume of 192,622. The stock has a market cap of $1,706.62, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.83 and a beta of 0.94. Provident Financial Services has a one year low of $23.19 and a one year high of $28.76. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 1.36.
In other news, Director Frank L. Fekete sold 9,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $27.33, for a total transaction of $245,970.00. Following the completion of the transaction, the director now directly owns 48,903 shares in the company, valued at approximately $1,336,518.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald W. Blum sold 6,100 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $28.47, for a total value of $173,667.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,175 shares of company stock valued at $608,286 over the last quarter. Corporate insiders own 2.90% of the company’s stock.
Several research analysts have weighed in on PFS shares. ValuEngine upgraded Provident Financial Services from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Zacks Investment Research upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Wednesday, November 1st. Sandler O’Neill upgraded Provident Financial Services from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Friday, January 26th. Boenning Scattergood restated a “hold” rating on shares of Provident Financial Services in a research note on Monday, January 29th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $28.00 price target on shares of Provident Financial Services in a research note on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Provident Financial Services has a consensus rating of “Hold” and an average target price of $28.42.
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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