Company did not provide specific financial guidance for the current qtr or full yr
Overview
US regional bank's Q2 net income rose yr/yr, driven by higher net interest income
Record pre-provision net revenue supported by strong commercial loan growth and non-interest income
Non-performing loans declined from prior quarter, asset quality remained stable
Analyst coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Provident Financial Services Inc is $25.50, about 5.5% above its July 28 closing price of $24.17
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
Result drivers and key details
Net interest income - Co said record net interest income was driven by growth in earning assets and an expanded net interest margin
- Higher non-interest income was attributed to increases in loan-related fee income, wealth management, and insurance agency income
PFS•
