Provident Financial Services, Inc. (PFS) Declares Dividend Increase – $0.23 Per Share

Provident Financial Services, Inc. (NYSE:PFS) announced a quarterly dividend on Monday, February 4th, Wall Street Journal reports. Shareholders of record on Friday, February 15th will be paid a dividend of 0.23 per share by the savings and loans company on Thursday, February 28th. This represents a $0.92 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, February 14th. This is a boost from Provident Financial Services’s previous quarterly dividend of $0.21.

Provident Financial Services has raised its dividend payment by an average of 8.1% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. Provident Financial Services has a payout ratio of 56.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Provident Financial Services to earn $1.97 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 46.7%.

Shares of PFS stock opened at $27.43 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.09 and a debt-to-equity ratio of 1.08. Provident Financial Services has a 1 year low of $22.22 and a 1 year high of $29.12. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 1.79 and a beta of 0.56.

Provident Financial Services (NYSE:PFS) last issued its quarterly earnings results on Friday, February 1st. The savings and loans company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.06. Provident Financial Services had a net margin of 28.29% and a return on equity of 8.92%. The firm had revenue of $92.95 million for the quarter, compared to analyst estimates of $89.83 million. During the same period in the previous year, the business earned $0.30 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. Research analysts expect that Provident Financial Services will post 1.92 EPS for the current year.

Several brokerages have issued reports on PFS. Zacks Investment Research lowered shares of Provident Financial Services from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Boenning Scattergood reiterated a “hold” rating on shares of Provident Financial Services in a research note on Friday, October 26th. Finally, Sandler O’Neill upgraded shares of Provident Financial Services from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Thursday, December 20th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Provident Financial Services currently has a consensus rating of “Hold” and a consensus target price of $27.50.

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Provident Financial Services Company Profile

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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Dividend History for Provident Financial Services (NYSE:PFS)

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