Provident Financial (NASDAQ:PROV) Shares Pass Above 200-Day Moving Average - What's Next?

Key Points

• Provident Financial shares rose above their 200-day moving average, reaching $18.75 and last trading at $18.62, compared with a 200-day average of $17.24.
• Analyst sentiment is positive, with a consensus “Buy” rating and an average price target of $18.00; Weiss Ratings and Zacks Research recently upgraded the stock.
• The company exceeded quarterly earnings expectations, reporting $0.35 EPS versus a $0.29 estimate, and pays a quarterly dividend of $0.14, representing a 3.0% annualized yield.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $17.24 and traded as high as $18.75. Provident Financial shares last traded at $18.62, with a volume of 17,252 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PROV. Weiss Ratings upgraded Provident Financial from a "hold (c)" rating to a "buy (b)" rating in a research note on Friday. Piper Sandler raised their price objective on shares of Provident Financial from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Finally, Zacks Research raised shares of Provident Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $18.00.

Provident Financial Stock Performance

The stock has a market capitalization of $116.08 million, a P/E ratio of 18.08 and a beta of 0.33. The company has a 50 day simple moving average of $18.02 and a 200-day simple moving average of $17.24. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.17 and a quick ratio of 1.17.

Provident Financial (NASDAQ:PROV - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Provident Financial had a return on equity of 5.23% and a net margin of 11.16%.The company had revenue of $10.59 million during the quarter, compared to the consensus estimate of $10.00 million. On average, equities analysts forecast that Provident Financial Holdings, Inc. will post 1.22 EPS for the current year.

Provident Financial Announces Dividend

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

Institutional Trading of Provident Financial

A number of institutional investors have recently modified their holdings of PROV. Raffles Associates LP purchased a new position in Provident Financial in the 2nd quarter valued at approximately $6,727,000. The Manufacturers Life Insurance Company bought a new stake in Provident Financial during the 2nd quarter valued at $5,224,000. BlackRock Inc. purchased a new stake in shares of Provident Financial during the second quarter worth $4,844,000. Empowered Funds LLC purchased a new stake in shares of Provident Financial during the second quarter worth $595,000. Finally, Susquehanna International Group LLP boosted its holdings in shares of Provident Financial by 73.9% in the second quarter. Susquehanna International Group LLP now owns 32,363 shares of the financial services provider's stock worth $557,000 after acquiring an additional 13,756 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

About Provident Financial

Provident Financial Holdings, Inc is the holding company for Provident Savings Bank, FSB, a community-oriented financial institution headquartered in Riverside, California. Through its banking subsidiary, the company serves consumers, businesses and real estate professionals primarily in Southern California, including communities in the Inland Empire and surrounding areas.

Provident Savings Bank offers a range of deposit products, including checking, savings, money market and certificate accounts.

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