Regional bank Provident Financial Services (NYSE: PFS) will be reporting results this Wednesday afternoon. Here’s what to expect.
Provident Financial Services beat analysts’ revenue expectations last quarter, reporting revenues of $225 million, up 9.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS and 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 for active Edge members.
This quarter, the market is expecting Provident Financial Services’s revenue to grow 8.1% year on year, slowing from the 82.3% 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 to 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 Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and First Financial Bancorp reported revenues up 26.1%, topping estimates by 3.1%. OFG Bancorp traded up 7.6% following the results while First Financial Bancorp was also up 2.4%.
Read our full analysis of OFG Bancorp’s results here and First Financial Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 9.3% on average over the last month. Provident Financial Services is up 9.8% during the same time and is heading into earnings with an average analyst price target of $24.60 (compared to the current share price of $22.83).
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