Provident Financial Holdings, Inc. (PROV) Issues Quarterly Earnings Results, Misses Estimates By $0.06 EPS
Provident Financial Holdings, Inc. (NASDAQ:PROV) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.06, Bloomberg Earnings reports. Provident Financial Holdings had a net margin of 8.85% and a return on equity of 5.12%. During the same quarter in the prior year, the company posted $0.31 earnings per share.
Provident Financial Holdings (NASDAQ:PROV) remained flat at $19.00 during trading on Wednesday. 96 shares of the company’s stock traded hands. The company has a 50 day moving average of $19.34 and a 200-day moving average of $18.99. The firm has a market capitalization of $149.93 million and a PE ratio of 22.73. Provident Financial Holdings has a one year low of $17.67 and a one year high of $20.66.
In other news, Director Debbi Guthrie sold 5,600 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $19.10, for a total transaction of $106,960.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 15.71% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of Provident Financial Holdings during the fourth quarter worth about $760,000. State Street Corp increased its stake in shares of Provident Financial Holdings by 28.4% in the fourth quarter. State Street Corp now owns 82,420 shares of the financial services provider’s stock worth $1,667,000 after buying an additional 18,207 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Provident Financial Holdings by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 642,623 shares of the financial services provider’s stock worth $12,994,000 after buying an additional 7,449 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Provident Financial Holdings by 7.1% in the fourth quarter. Renaissance Technologies LLC now owns 342,300 shares of the financial services provider’s stock worth $6,921,000 after buying an additional 22,600 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in shares of Provident Financial Holdings by 12.4% in the fourth quarter. Teachers Advisors LLC now owns 11,558 shares of the financial services provider’s stock worth $234,000 after buying an additional 1,271 shares during the last quarter. 60.18% of the stock is currently owned by hedge funds and other institutional investors.
Separately, Hovde Group began coverage on shares of Provident Financial Holdings in a research note on Tuesday, April 11th. They issued a “market perform” rating and a $20.00 price objective for the company. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $19.50.
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Provident Financial Holdings declared that its board has initiated a stock buyback plan on Monday, June 19th that allows the company to buyback 390,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
About Provident Financial Holdings
Provident Financial Holdings, Inc is the holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Company operates through two segments: Provident Bank and Provident Bank Mortgage (PBM). The Bank’s operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family loans, multi-family loans, commercial real estate loans, construction loans, commercial business loans, consumer loans and other mortgage loans.
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