The Manufacturers Life Insurance Company Acquires Shares of 303,733 Provident Financial Holdings, Inc. $PROV

Key Points

• The Manufacturers Life Insurance Company acquired 303,733 shares of Provident Financial, valued at approximately $5.2 million and representing about 4.86% of the company. Institutional investors collectively own 71.34% of PROV.
• Analyst sentiment is generally positive, with an average “Moderate Buy” rating and an $18 consensus price target. Provident Financial recently exceeded earnings expectations, reporting $0.35 per share versus the $0.29 estimate.
• Provident Financial declared a quarterly dividend of $0.14 per share, equivalent to $0.56 annually and a 3.1% yield. Meanwhile, insiders sold 4,744 shares worth approximately $81,076 over the past three months.

The Manufacturers Life Insurance Company bought a new position in Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 303,733 shares of the financial services provider's stock, valued at approximately $5,224,000. The Manufacturers Life Insurance Company owned about 4.86% of Provident Financial as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Provident Financial during the second quarter valued at approximately $454,936,000. Fourthstone LLC raised its holdings in Provident Financial by 52.6% in the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider's stock worth $5,603,000 after acquiring an additional 121,329 shares during the last quarter. Deutsche Bank AG bought a new position in Provident Financial in the 2nd quarter valued at approximately $3,251,000. Bridgeway Capital Management LLC boosted its stake 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 valued at $1,060,000 after purchasing an additional 1,834 shares during the last quarter. Finally, Ieq Capital LLC purchased a new stake in Provident Financial during the 2nd quarter valued at $1,244,000. Institutional investors own 71.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PROV. Piper Sandler boosted their price target on 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 report on Friday, July 17th. Finally, Zacks Research raised Provident Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $18.00.

Insider Buying and Selling

In related news, SVP David Weiant sold 2,732 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,744 shares of company stock worth $81,076 in the last three months. 11.49% of the stock is currently owned by corporate insiders.

Provident Financial Trading Down 0.2%

Shares of PROV stock opened at $18.31 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.45. Provident Financial Holdings, Inc. has a 12-month low of $14.95 and a 12-month high of $18.74. The stock has a market capitalization of $114.44 million, a P/E ratio of 17.78 and a beta of 0.33. The firm's 50 day moving average is $17.59 and its 200 day moving average is $16.98.

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

Provident Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 dividend yield of 3.1%. Provident Financial's payout ratio is presently 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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