Provident Financial (NASDAQ:PROV) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Provident Financial Holdings, Inc. (NASDAQ:PROV) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $15.66 and traded as high as $16.45. Provident Financial shares last traded at $15.98, with a volume of 11,886 shares trading hands.

Analysts Set New Price Targets

PROV has been the subject of a number of analyst reports. 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 research report on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a report on Thursday, January 22nd. Finally, Zacks Research upgraded Provident Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.00.

Provident Financial Trading Down 1.7%

The company has a debt-to-equity ratio of 1.67, a current ratio of 1.24 and a quick ratio of 1.23. The business’s fifty day simple moving average is $15.98 and its 200 day simple moving average is $15.66. The stock has a market cap of $103.45 million, a price-to-earnings ratio of 16.14 and a beta of 0.32.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.08). Provident Financial had a return on equity of 5.14% and a net margin of 10.97%.The business had revenue of $14.87 million during the quarter, compared to the consensus estimate of $10.10 million. On average, research analysts predict that Provident Financial Holdings, Inc. will post 0.9 EPS for the current year.

Provident Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Thursday, February 12th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Thursday, February 12th. Provident Financial’s payout ratio is presently 56.57%.

Institutional Trading of Provident Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Susquehanna International Group LLP acquired a new position in Provident Financial during the 3rd quarter valued at approximately $273,000. Empowered Funds LLC increased its position in Provident Financial by 7.9% in 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 period. Finally, Fourthstone LLC lifted its stake in Provident Financial by 31.4% in the second quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider’s stock valued at $1,786,000 after buying an additional 27,556 shares during the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

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.