Provident Financial (NASDAQ:PROV) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Provident Financial Holdings, Inc. (NASDAQ:PROV) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.59 and traded as high as $17.34. Provident Financial shares last traded at $17.20, with a volume of 3,199 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PROV. Piper Sandler started coverage on Provident Financial in a research report on Friday, June 26th. They issued a “neutral” rating and a $17.00 price objective for the company. Zacks Research raised shares of Provident Financial to a “hold” rating in a research report on Monday, June 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.00.

Provident Financial Trading Up 0.1%

The firm has a market capitalization of $107.56 million, a price-to-earnings ratio of 18.71 and a beta of 0.33. The business has a 50-day moving average of $17.08 and a two-hundred day moving average of $16.60. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). Provident Financial had a net margin of 10.27% and a return on equity of 4.77%. The firm had revenue of $14.57 million during the quarter, compared to analyst estimates of $10.10 million. Research analysts predict that Provident Financial Holdings, Inc. will post 0.96 EPS for the current fiscal year.

Provident Financial Dividend Announcement

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

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the transaction, the senior vice president directly owned 6,175 shares in the company, valued at approximately $105,716. This represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 4,744 shares of company stock valued at $81,076 in the last three months. Corporate insiders own 11.49% of the company’s stock.

Institutional Investors Weigh In On Provident Financial

Several institutional investors and hedge funds have recently bought and sold shares of PROV. Empowered Funds LLC boosted its holdings in Provident Financial by 6.2% during the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 1,834 shares in the last quarter. Bridgeway Capital Management LLC raised 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 worth $1,060,000 after buying an additional 1,834 shares in the last quarter. Federated Hermes Inc. lifted its position 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 during the period. Susquehanna International Group LLP bought a new position in shares of Provident Financial during the 3rd quarter worth approximately $273,000. Finally, Fourthstone LLC boosted its stake in 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 in the last quarter. Institutional investors own 71.34% of the company’s stock.

About Provident Financial

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.