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Last $17.86 USD
Change Today -0.14 / -0.78%
Volume 135.0K
PFS On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

provident financial services (PFS) Key Developments

Provident Financial Services, Inc. Declares Quarterly Cash Dividend, Payable on May 29, 2015; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter Ended March 31, 2015; Provides Effective Tax Rate Guidance for the Full Year of 2015

Provident Financial Services, Inc. board of directors declared a quarterly cash dividend of $0.16 per common share payable on May 29, 2015, to stockholders of record as of the close of business on May 15, 2015. The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest income was $72,231,000 compared to $64,523,000 a year ago. Net interest income was $61,928,000 compared to $55,201,000 a year ago. The improvement in net interest income was due to growth in average loans outstanding from both loans acquired from Team Capital and organic originations, and an increase in average non-interest bearing demand deposits, partially offset by year-over-year compression in the net interest margin. Total interest income was $72,231,000 compared to $64,523,000 a year ago. Net interest income after provision for loan losses was $61,328,000 compared to $54,801,000 a year ago. Income before income tax expense was $28,194,000 compared to $24,727,000 a year ago. Net income was $19,802,000 compared to $17,029,000 a year ago. Diluted earnings per share were $0.32 compared to $0.30 a year ago. Annualized return on average assets as at March 31, 2015 was 0.94% compared to 0.92% a year ago. Annualized return on average equity as at March 31, 2015 was 6.94% compared to 6.74% a year ago. Book value per share as at March 31, 2015 was $17.76 compared to $17.06 a year ago. Tangible book value per share as at March 31, 2015 was $11.57 compared to $11.11 a year ago. Annualized return on average tangible equity as at March 31, 2015 was 10.67% compared to 10.34% a year ago. For the three months ended March 31, 2015, the Company had net charge-offs of $1.2 million, compared with net charge-offs of $1.6 million for the same period in 2014. The company currently projects an effective tax rate of approximately 30% for the remainder of 2015.

Provident Financial Services, Inc. to Report Q1, 2015 Results on Apr 24, 2015

Provident Financial Services, Inc. announced that they will report Q1, 2015 results at 8:00 AM, US Eastern Standard Time on Apr 24, 2015

Provident Financial Services, Inc., Q1 2015 Earnings Call, Apr 24, 2015

Provident Financial Services, Inc., Q1 2015 Earnings Call, Apr 24, 2015

Provident Financial And Cincinnati Federal Reportedly Plan To Sell Minority Stakes

Provident Financial Services, Inc. (NYSE:PFS) and Cincinnati Federal Savings and Loan Association are planning to sell minority stakes to investors. Provident plans to sell up to 49.9% of the company; Cincinnati Federal will aim to sell a 45% stake. David Mansfield, Provident's Chief Executive Officer, declined to comment on his institution's application and future plans, reported National Mortgage News.

Provident Financial Services, Inc., Annual General Meeting, Apr 23, 2015

Provident Financial Services, Inc., Annual General Meeting, Apr 23, 2015., at 10:00 US Eastern Standard Time. Location: DoubleTree by Hilton Newark Airport Hotel. Agenda: To consider the election of three persons named in the attached proxy statement to serve as directors, each for a three-year term; to consider an advisory (non-binding) vote to approve the compensation paid to named executive officers; to consider the approval of executive annual incentive plan under Internal revenue code section 162(m); to consider the ratification of the appointment of KPMG LLP as independent registered public accounting firm for the year ending December 31, 2015; and to consider the transaction of such other business as may properly come before the annual meeting, and any adjournment or postponement of the annual meeting.

 

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Industry Analysis

PFS

Industry Average

Valuation PFS Industry Range
Price/Earnings 14.5x
Price/Sales 3.9x
Price/Book 1.0x
Price/Cash Flow 15.2x
TEV/Sales NM Not Meaningful
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