Regional bank Provident Financial Services (NYSE:PFS) will be reporting earnings this Thursday before market hours. Here’s what to expect.
Provident Financial Services beat analysts’ revenue expectations by 0.5% last quarter, reporting revenues of $208.8 million, up 82.4% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ tangible book value per share estimates.
Is Provident Financial Services a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Provident Financial Services’s revenue to grow 30% year on year to $213 million, slowing from the 38.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.50 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Provident Financial Services has missed Wall Street’s revenue estimates three times over the last two years.
Looking at Provident Financial Services’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. City Holding delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3%, and Texas Capital Bank reported revenues up 15.2%, topping estimates by 2.7%. Texas Capital Bank traded up 4.8% following the results.
Read our full analysis of City Holding’s results here and Texas Capital Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.2% on average over the last month. Provident Financial Services is up 9.6% during the same time and is heading into earnings with an average analyst price target of $20.92 (compared to the current share price of $18.31).
When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.