Provident Financial Services, Inc Declares Quarterly Dividend of $0.24 (NYSE:PFS)

Provident Financial Services, Inc (NYSE:PFS) declared a quarterly dividend on Thursday, April 30th. Stockholders of record on Friday, May 15th will be paid a dividend of 0.24 per share by the savings and loans company on Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, May 15th.

Provident Financial Services has raised its dividend payment by an average of 0.0%annually over the last three years. Provident Financial Services has a payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Provident Financial Services to earn $2.55 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 37.6%.

Provident Financial Services Stock Performance

NYSE PFS opened at $22.55 on Friday. The company has a fifty day simple moving average of $21.56 and a 200 day simple moving average of $20.66. Provident Financial Services has a 12-month low of $15.92 and a 12-month high of $23.98. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90. The company has a market cap of $2.95 billion, a P/E ratio of 9.63 and a beta of 0.81.

Provident Financial Services (NYSE:PFS) last released its quarterly earnings data on Thursday, April 30th. The savings and loans company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.06. Provident Financial Services had a net margin of 21.95% and a return on equity of 11.07%. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $225.62 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. Sell-side analysts predict that Provident Financial Services will post 2.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada set a $25.00 price target on Provident Financial Services in a report on Thursday, January 29th. Keefe, Bruyette & Woods boosted their price objective on Provident Financial Services from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. DA Davidson initiated coverage on shares of Provident Financial Services in a research report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price target for the company. Piper Sandler initiated coverage on shares of Provident Financial Services in a research report on Monday, March 16th. They set an “overweight” rating and a $25.00 target price for the company. Finally, Weiss Ratings upgraded shares of Provident Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, three have given 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 target price of $24.08.

Provident Financial Services Company Profile

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.