Raffles Associates LP Makes New $6.73 Million Investment in Provident Financial Holdings, Inc. $PROV

Key Points

• Raffles Associates LP acquired a new $6.73 million stake in Provident Financial, purchasing 391,118 shares and becoming the company’s fifth-largest portfolio holding. Institutional investors and hedge funds collectively own 71.34% of PROV.
• Provident Financial reported quarterly EPS of $0.35, beating estimates of $0.29, while revenue reached $15.22 million versus the $10 million consensus forecast.
• The company declared a quarterly dividend of $0.14 per share, implying an annualized yield of about 3.1%. Analysts maintain a “Hold” consensus with an average price target of $18, compared with the stock’s reported price of $18.31.

Raffles Associates LP purchased a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 391,118 shares of the financial services provider's stock, valued at approximately $6,727,000. Provident Financial accounts for approximately 6.1% of Raffles Associates LP's investment portfolio, making the stock its 5th largest holding. Raffles Associates LP owned about 6.26% of Provident Financial as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Provident Financial in the 2nd quarter valued at $454,936,000. Fourthstone LLC increased its position in shares of 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. The Manufacturers Life Insurance Company acquired a new stake in shares of Provident Financial during the 2nd quarter worth about $5,224,000. Legal & General Group Plc bought a new position in Provident Financial during the 2nd quarter valued at about $7,023,000. Finally, Deutsche Bank AG bought a new position in Provident Financial during the 2nd quarter valued at about $3,251,000. 71.34% of the stock is owned by institutional investors and hedge funds.

Provident Financial Stock Performance

Shares of NASDAQ:PROV opened at $18.31 on Wednesday. The business has a fifty day moving average of $17.48 and a 200-day moving average of $16.92. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. Provident Financial Holdings, Inc. has a twelve month low of $14.95 and a twelve month high of $18.50. The firm has a market cap of $114.44 million, a PE ratio of 17.78 and a beta of 0.33.

Provident Financial (NASDAQ:PROV - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping 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 business had revenue of $15.22 million for the quarter, compared to the consensus estimate of $10.00 million. On average, equities research analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Dividend Announcement

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

Insider Activity at Provident Financial

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

Wall Street Analyst Weigh In

PROV has been the topic of several research analyst reports. Piper Sandler upped their price objective on shares of Provident Financial from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Provident Financial in a research note on Friday, July 17th. Finally, Zacks Research raised Provident Financial to a "hold" rating in a report on Monday, June 29th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, Provident Financial has an average 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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