Provident Financial (NASDAQ:PROV) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Provident Financial (NASDAQ:PROV) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06, Zacks reports. Provident Financial had a net margin of 10.27% and a return on equity of 4.77%.

Provident Financial Stock Performance

Provident Financial stock opened at $17.26 on Tuesday. Provident Financial has a 1-year low of $14.95 and a 1-year high of $17.42. 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 firm has a market capitalization of $107.88 million, a P/E ratio of 18.76 and a beta of 0.33. The company’s 50-day moving average is $17.10 and its 200 day moving average is $16.65.

Provident Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.2%. Provident Financial’s payout ratio is currently 60.87%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Piper Sandler assumed coverage on shares of Provident Financial in a research report on Friday, June 26th. They issued a “neutral” rating and a $17.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research note on Friday, July 17th. Finally, Zacks Research raised shares of Provident Financial to a “hold” rating in a research report on Monday, June 29th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Provident Financial presently has an average rating of “Hold” and an average price target of $17.00.

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders have sold 4,744 shares of company stock worth $81,076. Insiders own 11.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PROV. Empowered Funds LLC boosted its holdings in shares of Provident Financial by 6.2% in the 4th quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 1,834 shares during the last quarter. Bridgeway Capital Management LLC grew its position in shares of Provident Financial by 2.8% during 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 acquiring an additional 1,834 shares during the period. Fourthstone LLC increased its position in shares of Provident Financial by 52.6% in the fourth 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. Federated Hermes Inc. increased its stake in shares of Provident Financial by 13.2% during the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 3,459 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in shares of Provident Financial during the third quarter worth $273,000. Institutional investors and hedge funds 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.