Provident Financial (NASDAQ:PROV) Shares Pass Above 200 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 $15.57 and traded as high as $16.22. Provident Financial shares last traded at $15.98, with a volume of 5,166 shares traded.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PROV shares. Piper Sandler decreased their price objective on shares of Provident Financial from $16.50 to $16.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Zacks Research raised shares of Provident Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.00.

Provident Financial Trading Down 1.0%

The firm has a market cap of $103.45 million, a P/E ratio of 17.76 and a beta of 0.31. The company’s 50 day moving average is $15.60 and its two-hundred day moving average is $15.57. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.23 and a quick ratio of 1.23.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Provident Financial had a net margin of 10.04% and a return on equity of 4.69%. The firm had revenue of $14.15 million during the quarter, compared to analyst estimates of $10.20 million. On average, sell-side analysts predict that Provident Financial Holdings, Inc. will post 0.9 earnings per share for the current year.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Thursday, November 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Thursday, November 13th. Provident Financial’s dividend payout ratio is presently 62.22%.

Insiders Place Their Bets

In other Provident Financial news, SVP Gwendolyn Wertz sold 4,800 shares of Provident Financial stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $15.64, for a total transaction of $75,072.00. Following the sale, the senior vice president owned 20,537 shares in the company, valued at $321,198.68. The trade was a 18.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Provident Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Susquehanna International Group LLP bought a new stake in Provident Financial in the third quarter valued at about $273,000. Empowered Funds LLC boosted its holdings in Provident Financial by 7.9% during the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after purchasing an additional 2,120 shares in the last quarter. Finally, Fourthstone LLC grew its stake in shares of Provident Financial by 31.4% in the 2nd quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider’s stock valued at $1,786,000 after purchasing an additional 27,556 shares during the period. 71.34% of the stock is owned by 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.