Provident Financial (NASDAQ:PROV) Stock Passes Above 200-Day Moving Average – Time to Sell?

Provident Financial Holdings, Inc. (NASDAQ:PROV) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $16.88 and traded as high as $18.12. Provident Financial shares last traded at $17.98, with a volume of 6,600 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PROV. Zacks Research raised shares of Provident Financial to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a research report on Friday, July 17th. Finally, Piper Sandler lifted their target price on shares of Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Provident Financial Stock Up 0.4%

The business’s 50 day moving average price is $17.43 and its 200-day moving average price is $16.88. 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 firm has a market capitalization of $112.38 million, a PE ratio of 17.46 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $15.22 million during the quarter, compared to analysts’ expectations of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. As a group, equities research analysts forecast that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current year.

Provident Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Thursday, August 13th. Provident Financial’s dividend payout ratio (DPR) is currently 54.37%.

Insider Buying and Selling at Provident Financial

In other news, SVP David Weiant sold 2,732 shares of Provident Financial 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 sale, the senior vice president directly owned 6,175 shares of the company’s stock, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 4,744 shares of company stock valued at $81,076 over the last ninety days. Insiders own 11.49% of the company’s stock.

Hedge Funds Weigh In On Provident Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of PROV. BlackRock Inc. purchased a new stake in Provident Financial during the second quarter worth about $454,936,000. Empowered Funds LLC purchased a new position in shares of Provident Financial in the second quarter valued at approximately $14,229,000. Bank of America Corp DE purchased a new position in shares of Provident Financial in the second quarter valued at approximately $12,326,000. Basswood Capital Management L.L.C. purchased a new position in shares of Provident Financial in the second quarter valued at approximately $9,789,000. Finally, Raffles Associates LP acquired a new position in shares of Provident Financial in the second quarter valued at approximately $6,727,000. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

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.