Provident Financial Services (NYSE:PFS) Shares Gap Down After Earnings Miss

Provident Financial Services, Inc. (NYSE:PFS) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 trading hands.

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 net margin of 9.55% and a return on equity of 5.21%.

Provident Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Friday, February 14th. Provident Financial Services’s dividend payout ratio (DPR) is presently 92.31%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PFS. StockNews.com raised shares of Provident Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada dropped their target price on shares of Provident Financial Services from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday. DA Davidson increased their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Hovde Group started coverage on shares of Provident Financial Services in a research report on Friday, December 13th. They set an “outperform” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Buying and Selling

In other news, EVP James A. Christy sold 3,500 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $715,223.52. This represents a 9.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. grew its stake in shares of Provident Financial Services by 120.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,500 shares of the savings and loans company’s stock valued at $28,000 after buying an additional 820 shares during the period. KBC Group NV raised its position in shares of 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 purchasing an additional 1,848 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Provident Financial Services by 1,779.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,876 shares of the savings and loans company’s stock worth $146,000 after purchasing an additional 7,457 shares in the last quarter. Allworth Financial LP increased its stake in Provident Financial Services by 35,936.4% during the 4th quarter. Allworth Financial LP now owns 7,928 shares of the savings and loans company’s stock valued at $151,000 after purchasing an additional 7,906 shares in the last quarter. Finally, Haverford Trust Co acquired a new position in Provident Financial Services during the third quarter worth $187,000. 71.97% of the stock is owned by institutional investors.

Provident Financial Services Price Performance

The stock has a market capitalization of $2.42 billion, a P/E ratio of 17.85 and a beta of 1.08. The business’s 50 day simple moving average is $19.64 and its two-hundred day simple moving average is $19.02. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02.

About Provident Financial Services

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.