Provident Financial Services (NYSE:PFS) Shares Gap Down Following Weak Earnings

Provident Financial Services, Inc. (NYSE:PFS) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.13). Provident Financial Services had a return on equity of 5.21% and a net margin of 9.55%.

Provident Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, February 14th. This represents a $0.96 annualized dividend and a yield of 5.23%. Provident Financial Services’s payout ratio is currently 92.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. StockNews.com raised Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday. Hovde Group assumed coverage on shares of Provident Financial Services in a report on Friday, December 13th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, DA Davidson boosted their price target on shares of Provident Financial Services from $24.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

Insider Buying and Selling

In related news, EVP James A. Christy sold 3,500 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $20.88, for a total transaction of $73,080.00. Following the completion of the sale, the executive vice president now owns 34,254 shares of the company’s stock, valued at $715,223.52. This represents a 9.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial Services

Large investors have recently made changes to their positions in the business. Barclays PLC grew its stake in Provident Financial Services by 39.8% during the 3rd quarter. Barclays PLC now owns 316,953 shares of the savings and loans company’s stock worth $5,883,000 after buying an additional 90,238 shares during the last quarter. LMR Partners LLP acquired a new stake in Provident Financial Services in the third quarter worth about $508,000. Royce & Associates LP purchased a new stake in shares of Provident Financial Services during the third quarter worth about $766,000. Geode Capital Management LLC increased its holdings in shares of Provident Financial Services by 1.9% during the third quarter. Geode Capital Management LLC now owns 2,947,394 shares of the savings and loans company’s stock valued at $54,715,000 after acquiring an additional 53,943 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Provident Financial Services by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,792,792 shares of the savings and loans company’s stock valued at $33,274,000 after purchasing an additional 102,737 shares during the last quarter. 71.97% of the stock is owned by institutional investors and hedge funds.

Provident Financial Services Stock Down 4.4 %

The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 17.64 and a beta of 1.08. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50 day moving average is $19.64 and its 200 day moving average is $19.02.

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.