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

Provident Financial Holdings, Inc. (NASDAQ:PROV)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $16.54 and traded as high as $17.19. Provident Financial shares last traded at $17.18, with a volume of 2,082 shares changing hands.

Analysts Set New Price Targets

PROV has been the topic of several analyst reports. Zacks Research raised Provident Financial to a “hold” rating in a research report on Monday, June 29th. Piper Sandler started coverage on Provident Financial in a report on Friday, June 26th. They issued a “neutral” rating and a $17.00 price objective for the company. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Provident Financial Trading Up 0.4%

The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The company has a 50 day moving average of $17.07 and a two-hundred day moving average of $16.54. The stock has a market cap of $107.38 million, a PE ratio of 18.67 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). Provident Financial had a return on equity of 4.77% and a net margin of 10.27%.The business had revenue of $14.57 million for the quarter, compared to analysts’ expectations of $10.10 million. Sell-side analysts anticipate that Provident Financial Holdings, Inc. will post 0.96 earnings per share for the current fiscal year.

Provident Financial Dividend Announcement

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

Insider Buying and Selling

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the transaction, the senior vice president owned 6,175 shares of the company’s stock, valued at $105,716. This represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 4,744 shares of company stock worth $81,076. 11.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Provident Financial

A number of hedge funds have recently modified their holdings of the business. Susquehanna International Group LLP acquired a new stake in shares of Provident Financial in the third quarter valued at approximately $273,000. Empowered Funds LLC lifted its holdings in Provident Financial by 7.9% in the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 2,120 shares during the last quarter. Federated Hermes Inc. grew its position in Provident Financial by 13.2% in the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after acquiring an additional 3,459 shares during the period. Bridgeway Capital Management LLC grew its position in Provident Financial by 2.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after acquiring an additional 1,834 shares during the period. Finally, Fourthstone LLC increased its stake in Provident Financial by 52.6% during the fourth quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock worth $5,603,000 after acquiring an additional 121,329 shares during the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

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.