BlackRock Inc. Takes Position in Provident Financial Holdings, Inc. $PROV

Key Points

• BlackRock acquired 281,656 shares of Provident Financial in the second quarter, worth approximately $4.84 million and representing a 4.5% stake. Institutional investors and hedge funds collectively own 71.34% of the company.
• Analyst sentiment improved, with Zacks Research upgrading the stock to “strong buy” and Piper Sandler raising its price target to $18; the consensus rating is “Moderate Buy” with an $18 target.
• Provident Financial exceeded quarterly earnings expectations, reporting $0.35 in EPS versus a $0.29 estimate, and maintains a quarterly dividend of $0.14 per share, yielding about 3.0% annually.

BlackRock Inc. bought a new stake in Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 281,656 shares of the financial services provider's stock, valued at approximately $4,844,000. BlackRock Inc. owned approximately 4.50% of Provident Financial at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PROV. Empowered Funds LLC boosted its holdings 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 acquiring an additional 2,120 shares in the last quarter. Susquehanna International Group LLP bought a new stake in shares of Provident Financial during the third quarter valued at approximately $273,000. Federated Hermes Inc. increased its holdings in shares of Provident Financial by 13.2% during the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider's stock valued at $472,000 after acquiring an additional 3,459 shares in the last quarter. Fourthstone LLC raised its position in shares of Provident Financial by 52.6% during the fourth 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 during the period. Finally, Bridgeway Capital Management LLC raised its position 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 worth $1,060,000 after purchasing an additional 1,834 shares during the period. 71.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PROV. Zacks Research raised shares of Provident Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 26th. Piper Sandler raised their price objective on shares of Provident Financial from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Provident Financial in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Provident Financial currently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

Insider Buying and Selling

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following the transaction, the senior vice president owned 6,175 shares of the company's stock, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.49% of the company's stock.

Provident Financial Stock Up 0.9%

Provident Financial stock opened at $18.70 on Friday. Provident Financial Holdings, Inc. has a fifty-two week low of $14.95 and a fifty-two week high of $18.99. The stock has a market cap of $116.88 million, a PE ratio of 18.16 and a beta of 0.33. The firm's 50-day simple moving average is $17.70 and its 200 day simple moving average is $17.04. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.20 and a current ratio of 1.17.

Provident Financial (NASDAQ:PROV - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 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 5.23%. The firm had revenue of $10.59 million during the quarter, compared to analyst estimates of $10.00 million. Research analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 13th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Thursday, August 13th. Provident Financial's dividend payout ratio (DPR) is 54.37%.

Provident Financial 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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