Provident Financial Services (PFS) Declares $0.24 Dividend

Provident Financial Services said on April 27, 2023 that its board of directors declared a regular quarterly dividend of $0.24 per share ($0.96 annualized). Previously, the company paid $0.24 per share.

Shares must be purchased before the ex-div date of May 11, 2023 to qualify for the dividend. Shareholders of record as of May 12, 2023 will receive the payment on May 26, 2023.

At the current share price of $17.50 / share, the stock's dividend yield is 5.49%.

Looking back five years and taking a sample every week, the average dividend yield has been 4.36%, the lowest has been 2.79%, and the highest has been 8.46%. The standard deviation of yields is 1.16 (n=236).

The current dividend yield is 0.97 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.42. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.04%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 471 funds or institutions reporting positions in Provident Financial Services. This is a decrease of 14 owner(s) or 2.89% in the last quarter. Average portfolio weight of all funds dedicated to PFS is 0.12%, an increase of 25.35%. Total shares owned by institutions increased in the last three months by 3.58% to 58,663K shares. The put/call ratio of PFS is 2.88, indicating a bearish outlook.

Analyst Price Forecast Suggests 35.22% Upside

As of April 24, 2023, the average one-year price target for Provident Financial Services is 23.66. The forecasts range from a low of 20.20 to a high of $26.25. The average price target represents an increase of 35.22% from its latest reported closing price of 17.50.

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The projected annual revenue for Provident Financial Services is 703MM, an increase of 40.42%. The projected annual non-GAAP EPS is 2.49.

What are Other Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 5,217K shares representing 6.98% ownership of the company. In it's prior filing, the firm reported owning 5,125K shares, representing an increase of 1.75%. The firm increased its portfolio allocation in PFS by 1.43% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,214K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 2,063K shares, representing an increase of 6.82%. The firm increased its portfolio allocation in PFS by 8.56% over the last quarter.

DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 1,954K shares representing 2.61% ownership of the company. In it's prior filing, the firm reported owning 1,917K shares, representing an increase of 1.88%. The firm increased its portfolio allocation in PFS by 3.67% over the last quarter.

American Century Companies holds 1,950K shares representing 2.61% ownership of the company. In it's prior filing, the firm reported owning 1,820K shares, representing an increase of 6.70%. The firm increased its portfolio allocation in PFS by 8.99% over the last quarter.

Principal Financial Group holds 1,911K shares representing 2.56% ownership of the company. In it's prior filing, the firm reported owning 2,051K shares, representing a decrease of 7.28%. The firm decreased its portfolio allocation in PFS by 47.63% over the last quarter.

Provident Financial Services Background Information
(This description is provided by the company.)

Provident Bank, a community-oriented financial institution offering 'Commitment you can count on' since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc., which reported assets of $12.92 billion as of December 31, 2020. With $9.84 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Queens County in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and full service insurance agency and brokerage services through its wholly owned subsidiary, SB One Insurance Agency, Inc.

This story originally appeared on Fintel.