Provident Financial Services, Inc (PFS) To Go Ex-Dividend on August 14th

Provident Financial Services, Inc (NYSE:PFS) declared a quarterly dividend on Thursday, July 30th. Investors of record on Friday, August 14th will be paid a dividend of 0.24 per share by the savings and loans company on Friday, August 28th. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th.

Provident Financial Services has increased its dividend by an average of 0.0%annually over the last three years. Provident Financial Services has a dividend payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Provident Financial Services to earn $2.58 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 37.2%.

Provident Financial Services Price Performance

NYSE:PFS opened at $24.73 on Wednesday. Provident Financial Services has a 12-month low of $17.69 and a 12-month high of $25.49. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 10.30 and a beta of 0.78. The company’s 50-day moving average is $23.65 and its two-hundred day moving average is $22.53. 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 (NYSE:PFS) last issued its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The business had revenue of $232.96 million during the quarter, compared to the consensus estimate of $225.57 million. Provident Financial Services had a net margin of 22.15% and a return on equity of 11.00%. During the same period in the previous year, the firm posted $0.55 earnings per share. Research analysts expect that Provident Financial Services will post 2.41 EPS for the current year.

Analysts Set New Price Targets

PFS has been the topic of a number of analyst reports. DA Davidson set a $26.00 target price on shares of Provident Financial Services in a research report on Friday, July 31st. Piper Sandler reiterated an “overweight” rating and issued a $29.00 price target (up from $26.00) on shares of Provident Financial Services in a report on Friday, July 31st. Stephens started coverage on Provident Financial Services in a research note on Monday, June 8th. They set an “equal weight” rating and a $24.00 price target on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $28.00 price target (up from $26.00) on shares of Provident Financial Services in a research note on Monday, August 3rd. Finally, Raymond James Financial raised their price objective on Provident Financial Services from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Provident Financial Services currently has an average rating of “Moderate Buy” and a consensus price target of $26.79.

About Provident Financial Services

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.