Provident Financial Services, Inc. (NYSE: PFS) expects quarterly dividend of $0.24

Provident Financial Services, Inc. (NYSE: PFS- Get a rating) declared a quarterly dividend on Monday, August 1 the wall street journal reports. Shareholders of record on Friday August 12 will be paid a dividend of 0.24 per share by the savings and loan company on Friday August 26. This represents an annualized dividend of $0.96 and a yield of 3.96%. The ex-date of this dividend is Thursday, August 11.

Provident Financial Services has a payout ratio of 40.9%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Provident Financial Services to earn $2.39 per share next year, meaning the company should continue to be able to cover its $0.96 annual dividend. with an expected future payout ratio of 40.2%.

Pension financial services share down 0.4%

Shares of PFS were down $0.10 during Monday trading hours, hitting $24.26. The company had a trading volume of 19,874 shares, compared to an average volume of 337,892. The company has a fifty-day moving average price of $22.65 and a 200-day moving average price of $23.04. The company has a debt ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.94. The stock has a market capitalization of $1.83 billion, a price-earnings ratio of 11.64 and a beta of 0.89. Provident Financial Services has a 52-week low of $21.26 and a 52-week high of $26.20.

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Provident Financial Services (NYSE: PFS – Get a rating) last released its quarterly results on Friday, July 29. The savings and loan company reported earnings per share (EPS) of $0.53 for the quarter, beating the consensus estimate of $0.52 by $0.01. The company posted revenue of $120.41 million in the quarter, versus analyst estimates of $120.12 million. Provident Financial Services achieved a return on equity of 9.59% and a net margin of 31.96%. Provident Financial Services’ quarterly revenue increased 7.4% from the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.58. On average, equity research analysts expect Provident Financial Services to post EPS of 2.21 for the current fiscal year.

Insider buying and selling

In related news, CEO George Lista sold 3,000 shares of Provident Financial Services in a trade dated Tuesday, May 17. The stock was sold at an average price of $22.15, for a total value of $66,450.00. Following the completion of the sale, the CEO now directly owns 103,873 shares of the company, valued at approximately $2,300,786.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. In other news from Provident Financial Services, CEO George Lista sold 3,000 shares of the company in a trade dated Tuesday, May 17. The stock was sold at an average price of $22.15, for a total transaction of $66,450.00. Following the completion of the sale, the CEO now directly owns 103,873 shares of the company, valued at approximately $2,300,786.95. The transaction was disclosed in an SEC filing, available at the SEC website. Additionally, Executive Vice President Valerie O. Murray purchased 1,400 shares of the company in a trade on Tuesday, June 14. The shares were purchased at an average price of $21.62 per share, with a total value of $30,268.00. Following the completion of the purchase, the executive vice president now owns 39,683 shares of the company, valued at $857,946.46. Disclosure of this purchase can be found here. 4.26% of the shares are held by insiders.

Institutional investors weigh on pension financial services

A number of large investors have recently changed their positions in PSF. Invesco Ltd. increased its stake in the shares of Provident Financial Services by 60.2% during the 1st quarter. Invesco Ltd. now owns 1,073,084 shares of the savings and loan company valued at $25,110,000 after acquiring an additional 403,067 shares during the period. Renaissance Technologies LLC increased its stake in the shares of Provident Financial Services by 70.6% during the 1st quarter. Renaissance Technologies LLC now owns 366,046 shares of the savings and loan company valued at $8,565,000 after acquiring an additional 151,446 shares during the period. Vanguard Group Inc. increased its stake in shares of Provident Financial Services by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 8,067,639 shares of the savings and loan company valued at $188,783,000 after acquiring an additional 107,224 shares during the period. First Trust Advisors LP increased its stake in the shares of Provident Financial Services by 65.8% during the 1st quarter. First Trust Advisors LP now owns 234,190 shares of the savings and loan company valued at $5,480,000 after acquiring an additional 92,934 shares during the period. Finally, BlackRock Inc. increased its stake in the shares of Provident Financial Services by 0.6% during the 1st quarter. BlackRock Inc. now owns 11,351,187 shares of the savings and loan company valued at $265,617,000 after acquiring an additional 70,302 shares during the period. 63.82% of the shares are currently held by institutional investors.

Analyst upgrades and downgrades

Separately, DA Davidson reiterated a “neutral” rating on Provident Financial Services shares in a Wednesday, July 27 report.

About pension financial services

(Get a rating)

Provident Financial Services, Inc. operates as a bank holding company for Provident Bank which provides various personal, family and business banking products and services in the United States. The Company’s deposit products include savings, checks, interest-bearing checks, money market deposits and certificates of deposit accounts, as well as IRA products.

Further reading

Dividend history for Provident Financial Services (NYSE:PFS)

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