Provident Financial Services, Inc. (NYSE:PFS) announced a quarterly dividend on Monday, October 29th, Wall Street Journal reports. Shareholders of record on Thursday, November 15th will be given a dividend of 0.21 per share by the savings and loans company on Friday, November 30th. This represents a $0.84 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, November 14th.
Provident Financial Services has raised its dividend by an average of 9.1% per year over the last three years and has raised its dividend every year for the last 7 years. Provident Financial Services has a dividend payout ratio of 51.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Provident Financial Services to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 45.7%.
PFS stock opened at $25.59 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.10 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 1.80 and a beta of 0.64. Provident Financial Services has a 1 year low of $22.22 and a 1 year high of $29.12.
PFS has been the topic of several research analyst reports. Piper Jaffray Companies reissued a “hold” rating and set a $25.50 target price on shares of Provident Financial Services in a research report on Wednesday, August 1st. Boenning Scattergood reissued a “hold” rating on shares of Provident Financial Services in a research report on Friday, July 27th. ValuEngine raised Provident Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research report on Thursday, November 1st. Four analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $27.83.
About Provident Financial Services
Provident Financial Services, Inc operates as the holding company for Provident Bank that provides various banking 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 and KEOGH accounts.
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