Provident Financial (NASDAQ:PROV) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Provident Financial Holdings, Inc. (NASDAQ:PROV) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.89 and traded as high as $17.24. Provident Financial shares last traded at $17.13, with a volume of 11,631 shares trading hands.

Analyst Upgrades and Downgrades

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

Provident Financial Stock Performance

The stock has a market capitalization of $109.29 million, a price-to-earnings ratio of 17.30 and a beta of 0.29. The stock’s 50 day moving average is $16.19 and its 200 day moving average is $15.89. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.67.

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

Provident Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Thursday, February 12th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Thursday, February 12th. Provident Financial’s dividend payout ratio (DPR) is currently 56.57%.

Institutional Trading of Provident Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PROV. Empowered Funds LLC increased its position in 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 in the last quarter. Susquehanna International Group LLP purchased a new stake in Provident Financial during the 3rd quarter worth about $273,000. Federated Hermes Inc. increased its position in 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 in the last quarter. Fourthstone LLC increased its position in Provident Financial by 52.6% during the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock worth $5,603,000 after purchasing an additional 121,329 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in 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 in the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

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.