Osaic Holdings Inc. Increases Holdings in Provident Financial Services, Inc $PFS

Osaic Holdings Inc. boosted its position in Provident Financial Services, Inc (NYSE:PFS) by 913.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 111,992 shares of the savings and loans company’s stock after purchasing an additional 100,936 shares during the period. Osaic Holdings Inc.’s holdings in Provident Financial Services were worth $1,963,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Provident Financial Services by 358.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 1,210 shares during the last quarter. Hantz Financial Services Inc. raised its position in Provident Financial Services by 633.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,040 shares of the savings and loans company’s stock worth $36,000 after purchasing an additional 1,762 shares during the period. Hillsdale Investment Management Inc. purchased a new position in Provident Financial Services in the 2nd quarter worth $39,000. Northwestern Mutual Wealth Management Co. lifted its stake in Provident Financial Services by 30.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,893 shares of the savings and loans company’s stock worth $50,000 after purchasing an additional 667 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in Provident Financial Services during the second quarter valued at about $51,000. 71.97% of the stock is currently owned by institutional investors.

Provident Financial Services Trading Down 0.7%

NYSE:PFS opened at $20.35 on Monday. The company has a 50-day moving average price of $19.36 and a 200-day moving average price of $18.97. Provident Financial Services, Inc has a 12 month low of $14.34 and a 12 month high of $21.29. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.96. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 10.38 and a beta of 0.88.

Provident Financial Services (NYSE:PFS) last announced its quarterly earnings results on Thursday, February 17th. The savings and loans company reported $0.68 earnings per share (EPS) for the quarter. Provident Financial Services had a net margin of 18.76% and a return on equity of 9.62%. The company had revenue of $114.54 million for the quarter. Equities analysts predict that Provident Financial Services, Inc will post 2.14 EPS for the current year.

Provident Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, November 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.7%. Provident Financial Services’s dividend payout ratio is 48.98%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Zacks Research downgraded Provident Financial Services from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Provident Financial Services in a report on Wednesday, October 8th. Finally, DA Davidson cut Provident Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.70.

Insider Activity

In other news, CEO George Lista sold 8,262 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $18.35, for a total value of $151,607.70. Following the completion of the transaction, the chief executive officer owned 108,656 shares of the company’s stock, valued at approximately $1,993,837.60. This represents a 7.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.10% of the company’s stock.

Provident Financial Services Profile

Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions.

Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending.