Deutsche Bank AG Purchases New Shares in Provident Financial Holdings, Inc. $PROV

Key Points

• Deutsche Bank acquired 137,525 Provident Financial shares during the second quarter, valued at approximately $3.25 million and representing about 2.2% of the company. Institutional investors collectively own 71.34% of PROV.
• Analysts maintain a generally neutral outlook, with all three tracked analysts rating the stock “Hold” and an average price target of $18.00. Shares recently opened at $18.34, near their 12-month high of $18.50.
• Provident Financial exceeded quarterly expectations, reporting $0.35 earnings per share versus the $0.29 estimate and $15.22 million in revenue versus $10 million expected. The company also announced a quarterly dividend of $0.14, implying a 3.1% annualized yield.

Deutsche Bank AG acquired a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 137,525 shares of the financial services provider's stock, valued at approximately $3,251,000. Deutsche Bank AG owned about 2.20% of Provident Financial as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in Provident Financial in the 2nd quarter valued at about $190,000. Susquehanna International Group LLP acquired a new stake in Provident Financial during the 3rd quarter worth approximately $273,000. Perigon Wealth Management LLC acquired a new stake in Provident Financial during the 2nd quarter worth approximately $342,000. Empowered Funds LLC grew its stake in shares of Provident Financial by 7.9% in the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock valued at $424,000 after purchasing an additional 2,120 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Provident Financial by 13.2% in the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider's stock valued at $472,000 after purchasing an additional 3,459 shares during the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, SVP David Weiant sold 2,732 shares of the firm'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 completion of the transaction, the senior vice president owned 6,175 shares in the company, valued at $105,716. This trade represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 4,744 shares of company stock valued at $81,076 over the last quarter. 11.49% of the stock is currently owned by corporate insiders.

Provident Financial Trading Up 0.2%

Shares of Provident Financial stock opened at $18.34 on Thursday. The company has a 50-day moving average of $17.51 and a two-hundred day moving average of $16.93. Provident Financial Holdings, Inc. has a 12-month low of $14.95 and a 12-month high of $18.50. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.45. The stock has a market cap of $114.62 million, a PE ratio of 17.81 and a beta of 0.33.

Provident Financial (NASDAQ:PROV - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%.The business had revenue of $15.22 million for the quarter, compared to analysts' expectations of $10.00 million. On average, research analysts anticipate that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 3.1%. Provident Financial's dividend payout ratio is 54.37%.

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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