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

Provident Financial Holdings, Inc. (NASDAQ:PROV) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $15.80 and traded as high as $16.36. Provident Financial shares last traded at $16.02, with a volume of 8,320 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PROV shares. Weiss Ratings reissued a “hold (c)” rating on shares of Provident Financial in a research report on Thursday, January 22nd. Zacks Research upgraded Provident Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.00.

Provident Financial Price Performance

The stock’s 50-day moving average is $16.11 and its 200 day moving average is $15.80. The company has a market cap of $102.21 million, a PE ratio of 16.18 and a beta of 0.32. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.24 and a quick ratio of 1.24.

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

Provident Financial Announces Dividend

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

Hedge Funds Weigh In On Provident Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fourthstone LLC increased its stake in Provident Financial by 31.4% during the second quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider’s stock worth $1,786,000 after acquiring an additional 27,556 shares during the last quarter. Susquehanna International Group LLP acquired a new position in shares of Provident Financial in the 3rd quarter valued at $273,000. Empowered Funds LLC grew its holdings in shares of Provident Financial by 7.9% during the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock worth $424,000 after purchasing an additional 2,120 shares during the period. Federated Hermes Inc. grew its holdings in shares of Provident Financial by 13.2% during the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 3,459 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in shares of Provident Financial by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after purchasing an additional 1,834 shares during the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

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.