Provident Financial (NASDAQ:PROV) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Provident Financial Holdings, Inc. (NASDAQ:PROV)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $16.54 and traded as high as $17.19. Provident Financial shares last traded at $17.18, with a volume of 2,082 shares.

Analysts Set New Price Targets

PROV has been the subject of a number of research analyst reports. Piper Sandler began coverage on shares of Provident Financial in a research note on Friday, June 26th. They issued a “neutral” rating and a $17.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a research report on Tuesday, April 21st. Finally, Zacks Research raised Provident Financial to a “hold” rating in a report on Monday, June 29th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.00.

Provident Financial Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45. The stock’s 50-day moving average price is $17.07 and its 200-day moving average price is $16.55. The company has a market capitalization of $107.81 million, a price-to-earnings ratio of 18.75 and a beta of 0.33.

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

Provident Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, May 14th. Provident Financial’s dividend payout ratio (DPR) is 60.87%.

Insider Buying and Selling at Provident Financial

In other 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 transaction of $46,771.84. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 4,744 shares of company stock worth $81,076 in the last ninety days. Insiders own 11.49% of the company’s stock.

Institutional Trading of Provident Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in PROV. Susquehanna International Group LLP acquired a new position in Provident Financial during the 3rd quarter valued at about $273,000. Empowered Funds LLC raised its stake in shares of Provident Financial by 7.9% during the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock worth $424,000 after buying an additional 2,120 shares during the last quarter. Federated Hermes Inc. raised 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 buying an additional 3,459 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in Provident Financial by 2.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock valued at $1,060,000 after buying an additional 1,834 shares during the period. Finally, Fourthstone LLC lifted its holdings in 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 during the period. 71.34% of the stock is owned by institutional investors.

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.