BlackRock Inc. Makes New $454.94 Million Investment in Provident Financial Holdings, Inc. $PROV

BlackRock Inc. purchased a new position in Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 19,244,342 shares of the financial services provider's stock, valued at approximately $454,936,000. BlackRock Inc. owned about 307.71% of Provident Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bridgeway Capital Management LLC grew its holdings in shares of Provident Financial by 2.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider's stock valued at $1,060,000 after buying an additional 1,834 shares during the last quarter. Empowered Funds LLC raised its stake in Provident Financial by 6.2% in the 4th quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider's stock worth $500,000 after acquiring an additional 1,834 shares during the last quarter. Federated Hermes Inc. raised its stake in Provident Financial by 13.2% in the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider's stock worth $472,000 after acquiring an additional 3,459 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Provident Financial in the 2nd quarter worth $190,000. Finally, Perigon Wealth Management LLC acquired a new stake in Provident Financial during the 2nd quarter worth about $342,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Price Performance

NASDAQ:PROV opened at $18.26 on Tuesday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $114.13 million, a price-to-earnings ratio of 17.73 and a beta of 0.33. The company has a 50 day moving average price of $17.45 and a 200-day moving average price of $16.91. Provident Financial Holdings, Inc. has a 1-year low of $14.95 and a 1-year high of $18.48.

Provident Financial (NASDAQ:PROV - Get Free Report) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $10.00 million. Equities research analysts forecast that Provident Financial Holdings, Inc. will post 1.22 EPS for the current year.

Provident Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a yield of 3.1%. Provident Financial's payout ratio is presently 54.37%.

Insider Buying and Selling at Provident Financial

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the transaction, the senior vice president owned 6,175 shares in the company, valued at approximately $105,716. This represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 4,744 shares of company stock valued at $81,076 in the last three months. Corporate insiders own 11.49% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PROV shares. Zacks Research raised Provident Financial to a "hold" rating in a report on Monday, June 29th. Piper Sandler lifted their target price on Provident Financial from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Provident Financial in a research report on Friday, July 17th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $18.00.

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.

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