Provident Financial (NASDAQ:PROV) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Provident Financial Holdings, Inc. (NASDAQ:PROV) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.45 and traded as high as $17.25. Provident Financial shares last traded at $17.17, with a volume of 2,697 shares.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Provident Financial in a report on Tuesday, April 21st. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.00.

Provident Financial Price Performance

The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. The company has a 50 day moving average price of $17.05 and a 200 day moving average price of $16.45. The firm has a market cap of $107.31 million, a PE ratio of 18.66 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The firm had revenue of $14.57 million during the quarter, compared to analysts’ expectations of $10.10 million. Provident Financial had a net margin of 10.27% and a return on equity of 4.77%.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.56 annualized dividend and a dividend yield of 3.3%. Provident Financial’s payout ratio is presently 60.87%.

Insider Activity

In other news, SVP David Weiant sold 2,732 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total transaction of $46,771.84. Following the transaction, the senior vice president directly owned 6,175 shares in the company, valued at $105,716. The trade was a 30.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 4,744 shares of company stock worth $81,076 in the last quarter. Insiders own 11.49% of the company’s stock.

Institutional Investors Weigh In On Provident Financial

A number of institutional investors have recently added to or reduced their stakes in PROV. Empowered Funds LLC boosted its holdings in Provident Financial by 7.9% in the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after purchasing an additional 2,120 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of Provident Financial during the 3rd quarter worth approximately $273,000. Federated Hermes Inc. raised its stake in shares of Provident Financial by 13.2% during the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after buying an additional 3,459 shares in the last quarter. Fourthstone LLC lifted its holdings in shares of Provident Financial by 52.6% in the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock valued at $5,603,000 after buying an additional 121,329 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of Provident Financial by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock valued at $1,060,000 after buying an additional 1,834 shares during the period. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Provident Financial Company Profile

Provident Financial Services, Inc (NASDAQ: PROV) is a bank holding company headquartered in Jersey City, New Jersey, that conducts its operations through its wholly owned subsidiary, Provident Bank. With origins dating back to 1839, the company has grown into a full-service financial institution offering a broad spectrum of products and services to individuals, small businesses and commercial clients.

The company’s principal business activities include retail banking, commercial lending, mortgage finance and wealth management.