Provident Financial (NASDAQ:PROV) Stock Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Provident Financial shares rose above their 200-day moving average, reaching $18.36 and last trading at $18.31, compared with a 200-day average of $17.34.
• Analyst sentiment improved, with ratings upgrades from Weiss Ratings and Zacks Research; MarketBeat reports a consensus “Buy” rating and an average price target of $18.00.
• The company beat quarterly earnings expectations, reporting $0.35 in EPS versus $0.29 estimated, and maintains a quarterly dividend of $0.14, equivalent to a 3.1% annualized yield.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $17.34 and traded as high as $18.36. Provident Financial shares last traded at $18.31, with a volume of 6,227 shares.

Wall Street Analysts Forecast Growth

PROV has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of Provident Financial from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Weiss Ratings upgraded shares of Provident Financial from a "hold (c)" rating to a "buy (b)" rating in a research note on Friday, September 18th. 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 issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Provident Financial presently has a consensus rating of "Buy" and an average target price of $18.00.

Provident Financial Trading Up 0.2%

The stock has a 50-day simple moving average of $18.17 and a 200 day simple moving average of $17.34. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.24. The company has a market cap of $114.07 million, a price-to-earnings ratio of 17.78 and a beta of 0.33.

Provident Financial (NASDAQ:PROV - Get Free Report) last announced its quarterly earnings data 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. Provident Financial had a return on equity of 5.23% and a net margin of 11.16%.The business had revenue of $10.59 million for the quarter, compared to analyst estimates of $10.00 million. As a group, equities research analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 13th were given a $0.14 dividend. The ex-dividend date was Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a yield of 3.1%. Provident Financial's dividend payout ratio is currently 54.37%.

Hedge Funds Weigh In On Provident Financial

A number of institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP boosted its holdings in shares of Provident Financial by 73.9% in the 2nd quarter. Susquehanna International Group LLP now owns 32,363 shares of the financial services provider's stock valued at $557,000 after acquiring an additional 13,756 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Provident Financial in the second quarter worth $595,000. Public Employees Retirement System of Ohio purchased a new position in shares of Provident Financial during the second quarter worth $37,000. Raffles Associates LP purchased a new position in shares of Provident Financial during the second quarter worth $6,727,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Provident Financial during the second quarter worth $5,224,000. 71.34% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Company Profile

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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