Provident Financial (NASDAQ:PROV) Stock Breaks Above 50 Day Moving Average - Time to Sell?

Key Points

• Shares rose above their 50-day moving average, trading at $18.45 versus the $18.32 average; the 200-day average was $17.30.
• Analyst ratings average to Buy, with a consensus price target of $18.00. Recent upgrades included Zacks Research moving the stock to Strong Buy.
• Quarterly EPS of $0.25 missed expectations of $0.32, while revenue of $10.57 million topped forecasts. The company announced a $0.14 quarterly dividend, equivalent to a 3.0% annualized yield.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) shares passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $18.32 and traded as high as $18.49. Provident Financial shares last traded at $18.45, with a volume of 25,952 shares traded.

Wall Street Analysts Forecast Growth

PROV has been the topic of several analyst reports. Zacks Research raised Provident Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, November 3rd. Wall Street Zen raised Provident Financial to a "hold" rating in a research note on Saturday, October 3rd. Piper Sandler raised their price objective on 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 upgraded Provident Financial from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $18.00.

Provident Financial Trading Up 1.2%

The firm has a market cap of $112.73 million, a PE ratio of 17.91 and a beta of 0.33. The company has a quick ratio of 1.17, a current ratio of 1.20 and a debt-to-equity ratio of 1.37. The company's 50 day moving average price is $18.32 and its two-hundred day moving average price is $17.30.

Provident Financial (NASDAQ:PROV - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.07). Provident Financial had a return on equity of 5.18% and a net margin of 10.88%. The firm had revenue of $10.57 million for the quarter, compared to analysts' expectations of $10.30 million. As a group, sell-side analysts forecast that Provident Financial Holdings, Inc. will post 1.24 EPS for the current year.

Provident Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 12th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.56 dividend on an annualized basis and a yield of 3.0%. Provident Financial's payout ratio is 54.37%.

Insider Buying and Selling at Provident Financial

In other Provident Financial news, Director Craig Blunden sold 5,700 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $18.20, for a total transaction of $103,740.00. Following the completion of the sale, the director directly owned 202,284 shares of the company's stock, valued at approximately $3,681,568.80. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.90% of the company's stock.

Hedge Funds Weigh In On Provident Financial

Several hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new position in shares of Provident Financial in the 2nd quarter valued at about $37,000. Empowered Funds LLC boosted its stake in shares of Provident Financial by 7.6% in the first quarter. Empowered Funds LLC now owns 33,854 shares of the financial services provider's stock worth $546,000 after buying an additional 2,400 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Provident Financial during the second quarter worth about $190,000. Susquehanna International Group LLP grew its holdings in Provident Financial by 73.9% during 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. Finally, Fourthstone LLC grew its holdings in Provident Financial by 9.6% during the third quarter. Fourthstone LLC now owns 405,457 shares of the financial services provider's stock worth $7,306,000 after acquiring an additional 35,484 shares during the period. 71.34% of the stock is owned by institutional investors and hedge funds.

Provident Financial Company Profile

Provident Financial Holdings, Inc. is the holding company for Provident Savings Bank, F.S.B., a community bank serving customers in Southern California. The bank provides deposit and lending services to individuals, families and businesses. Its offerings include checking and savings accounts, money market accounts and certificates of deposit, as well as residential mortgage, multifamily, commercial real estate, construction and business loans. Provident Savings Bank operates primarily in Southern California, including communities in the Inland Empire and surrounding areas.

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