StockNews.com Begins Coverage on Provident Financial (NASDAQ:PROV)

StockNews.com assumed coverage on shares of Provident Financial (NASDAQ:PROV) in a report released on Tuesday morning. The firm issued a hold rating on the financial services provider’s stock.

Provident Financial Stock Down 0.4 %

Shares of Provident Financial stock opened at $13.38 on Tuesday. Provident Financial has a 1-year low of $10.16 and a 1-year high of $15.40. The company has a market capitalization of $92.68 million, a P/E ratio of 11.63 and a beta of 0.40. The business’s fifty day moving average price is $13.89 and its two-hundred day moving average price is $13.00. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.21 and a quick ratio of 1.21.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. The business had revenue of $9.65 million during the quarter, compared to the consensus estimate of $10.00 million. Provident Financial had a net margin of 14.43% and a return on equity of 6.20%. As a group, research analysts forecast that Provident Financial will post 1.05 EPS for the current year.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 15th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.56 annualized dividend and a yield of 4.19%. Provident Financial’s payout ratio is 48.70%.

Hedge Funds Weigh In On Provident Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PROV. Bank of America Corp DE lifted its holdings in shares of Provident Financial by 49,616.7% in the first quarter. Bank of America Corp DE now owns 5,966 shares of the financial services provider’s stock valued at $81,000 after buying an additional 5,954 shares during the period. Royal Bank of Canada grew its holdings in Provident Financial by 8.4% during the third quarter. Royal Bank of Canada now owns 15,500 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 1,200 shares during the period. Northern Trust Corp raised its position in Provident Financial by 10.0% in the second quarter. Northern Trust Corp now owns 18,063 shares of the financial services provider’s stock worth $230,000 after acquiring an additional 1,647 shares in the last quarter. Prelude Capital Management LLC acquired a new stake in Provident Financial in the 3rd quarter valued at about $251,000. Finally, Federated Hermes Inc. boosted its position in shares of Provident Financial by 4.8% during the 3rd quarter. Federated Hermes Inc. now owns 25,798 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 1,173 shares in the last quarter. 71.34% of the stock is owned by institutional investors.

Provident Financial Company Profile

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.