Regional bank Provident Financial Services (NYSE: PFS) will be reporting earnings tomorrow after market hours. Here’s what to expect.
Provident Financial Services beat analysts’ revenue expectations last quarter, reporting revenues of $235 million, up 9.7% year on year. It was a strong quarter for the company, with a narrow beat of analysts’ net interest income estimates and a beat of analysts’ EPS estimates.
Is Provident Financial Services a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Provident Financial Services’s revenue to grow 7.7% year on year, improving from the 5.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Provident Financial Services has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Provident Financial Services’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Byline Bancorp delivered year-on-year revenue growth of 4.6%, beating analysts’ expectations by 3.7%, and First Citizens BancShares reported flat revenue, topping estimates by 2%. Byline Bancorp traded up 1.1% following the results while First Citizens BancShares was also up 6.8%.
Read our full analysis of Byline Bancorp’s results here and First Citizens BancShares’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.7% on average over the last month. Provident Financial Services is up 3% during the same time and is heading into earnings with an average analyst price target of $27.75 (compared to the current share price of $23.22).
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