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Last $19.62 USD
Change Today +0.70 / 3.70%
Volume 323.3K
PFS On Other Exchanges
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Exchange
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As of 8:04 PM 07/31/15 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 August 28, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Tax Rate Guidance for the Year of 2015; Announces Net Charge-offs for the Second Quarter of 2015

Provident Financial Services, Inc. Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on August 28, 2015, to stockholders of record as of the close of business on August 14, 2015. The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income of $21.796 million, or $0.35 per basic and diluted share, compared to $16.351 million, or $0.28 per basic and diluted share for the three months ended June 30, 2014. Net interest income increased $4.3 million to $61.7 million, from $57.4 million for the same period in 2014. Income before income tax expense was $31.397 million, compared to $22.557 million for the last year. Annualized return on average assets was 1.01%, compared to 0.84% for the last year. Annualized return on average equity was 7.47%, compared to 6.16% for the last year. Earnings for the quarter were impacted by earnings related to the Team Capital acquisition totaling $1.2 million or $0.02 per share net of tax. The improvement in net interest income for the comparative periods was due to growth in average loans outstanding resulting from loans acquired from Team Capital and organic originations and increases in average non-interest bearing demand deposits, partially offset by period-over-period compression in the net interest margin. Core earnings were $22.043 million or $0.35 per diluted share against $18.339 million or $0.31 a year ago. The increase in total revenue was due to strong growth in Wealth Management income, loan swap fees, deposit service fees, gains on sales of investments and stable net interest income. For the six months, the company reported net income of $41.598 million, or $0.66 per basic and diluted share, compared to $33.380 million, or $0.57 per basic and diluted share for the same period last year. Net interest income for the six months ended June 30, 2015, increased $11.0 million, to $123.6 million, from $112.6 million for the same period in 2014. Income before income tax expense was $59.591 million compared to $47.284 million for the last year. Annualized return on average assets was 0.98%, compared to 0.88% for the last year. Annualized return on average equity was 7.21%, compared to 6.44% for the last year. Core earnings were $41.845 million or $0.67 per diluted share against $35.426 million or $0.61 a year ago. Book value per share was $17.88 as on June 30, 2015. The company reported net charge-offs for the second quarter of 2015 increased to a still low $2.6 million or an annualized 17 basis points of average loans. The company currently expects an effective tax rate of approximately 30% for the remainder of 2015.

Provident Financial Services, Inc. to Report Q2, 2015 Results on Jul 31, 2015

Provident Financial Services, Inc. announced that they will report Q2, 2015 results at 8:00 AM, US Eastern Standard Time on Jul 31, 2015

Provident Financial Services, Inc., Q2 2015 Earnings Call, Jul 31, 2015

Provident Financial Services, Inc., Q2 2015 Earnings Call, Jul 31, 2015

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

 

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Industry Analysis

PFS

Industry Average

Valuation PFS Industry Range
Price/Earnings 15.1x
Price/Sales 4.2x
Price/Book 1.1x
Price/Cash Flow 15.7x
TEV/Sales NM Not Meaningful
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