Hsbc Holdings PLC Purchases Shares of 70,616 Provident Financial Holdings, Inc. $PROV

Hsbc Holdings PLC acquired a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 70,616 shares of the financial services provider’s stock, valued at approximately $1,666,000.

A number of other institutional investors also recently modified their holdings of PROV. Legal & General Group Plc acquired a new position in shares of Provident Financial in the 2nd quarter worth approximately $7,023,000. The Manufacturers Life Insurance Company bought a new position in shares of Provident Financial in the second quarter worth about $1,505,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Provident Financial during the second quarter worth approximately $63,000. EP Wealth Advisors LLC acquired a new position in shares of Provident Financial during the second quarter worth approximately $562,000. Finally, Ieq Capital LLC bought a new position in Provident Financial in the 2nd quarter worth approximately $1,244,000. Institutional investors own 71.34% of the company’s stock.

Insider Buying and Selling

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following the transaction, the senior vice president owned 6,175 shares of the company’s stock, valued at approximately $105,716. This represents a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 4,744 shares of company stock valued at $81,076 in the last ninety days. Corporate insiders own 11.49% of the company’s stock.

Analyst Upgrades and Downgrades

PROV has been the topic of several research reports. Piper Sandler upped their price objective on Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research note on Friday, July 17th. Finally, Zacks Research upgraded Provident Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Provident Financial Stock Performance

Shares of NASDAQ PROV opened at $18.35 on Monday. Provident Financial Holdings, Inc. has a fifty-two week low of $14.95 and a fifty-two week high of $18.53. The firm has a market capitalization of $114.76 million, a P/E ratio of 17.82 and a beta of 0.33. 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’s 50 day simple moving average is $17.57 and its 200 day simple moving average is $16.96.

Provident Financial (NASDAQ:PROV) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 EPS 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 analyst estimates of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. On average, analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current year.

Provident Financial Announces Dividend

The business also recently disclosed 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 3.1%. Provident Financial’s payout ratio is 54.37%.

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.