Raffles Associates LP Acquires New Position in Provident Financial Holdings, Inc. $PROV

Raffles Associates LP bought a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 391,118 shares of the financial services provider’s stock, valued at approximately $6,727,000. Provident Financial accounts for 5.5% of Raffles Associates LP’s investment portfolio, making the stock its 6th biggest position. Raffles Associates LP owned about 0.06% of Provident Financial at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Deutsche Bank AG bought a new stake in shares of Provident Financial in the second quarter valued at approximately $3,251,000. BlackRock Inc. bought a new position in Provident Financial in the 2nd quarter worth approximately $454,936,000. Basswood Capital Management L.L.C. purchased a new position in Provident Financial in the 2nd quarter valued at approximately $9,789,000. Ieq Capital LLC purchased a new position in Provident Financial in the 2nd quarter valued at approximately $1,244,000. Finally, Freestone Grove Partners LP bought a new stake in Provident Financial during the 2nd quarter valued at $729,000. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Insiders Place Their Bets

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the firm’s 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 sale, the senior vice president owned 6,175 shares of the company’s stock, valued at $105,716. This trade represents a 30.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 4,744 shares of company stock valued at $81,076. 11.49% of the stock is owned by corporate insiders.

Provident Financial Stock Down 0.1%

Shares of NASDAQ:PROV opened at $18.32 on Friday. The firm has a fifty day moving average price of $17.54 and a two-hundred day moving average price of $16.95. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. Provident Financial Holdings, Inc. has a one year low of $14.95 and a one year high of $18.54. The company has a market cap of $114.57 million, a price-to-earnings ratio of 17.79 and a beta of 0.33.

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

Provident Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 yield of 3.1%. The ex-dividend date is Thursday, August 13th. Provident Financial’s payout ratio is presently 54.37%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PROV shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Piper Sandler raised their target price on Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. 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.com, the company presently has an average rating of “Hold” and an average price target of $18.00.

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.