Provident Financial (NASDAQ:PROV) Announces Earnings Results, Misses Expectations By $0.08 EPS

Key Points

• Provident Financial reported quarterly EPS of $0.21, missing the consensus by $0.08 (consensus $0.29); the company posted a 5.14% return on equity and a 10.97% net margin.
• The firm declared a quarterly dividend of $0.14 (annualized $0.56), representing a 3.3% yield with an ex-dividend date of May 14.
• Shares trade near their 12‑month high (~$17) with a market cap of about $108M and a PE of 17.18; institutional investors own 71.34% of the stock and analysts' consensus rating is Hold with an average price target of $16.00.

Provident Financial (NASDAQ:PROV - Get Free Report) posted its earnings results on Tuesday. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08), Zacks reports. Provident Financial had a return on equity of 5.14% and a net margin of 10.97%.

Provident Financial Price Performance

NASDAQ PROV opened at $17.01 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.67. Provident Financial has a 12-month low of $14.85 and a 12-month high of $17.34. The company has a market capitalization of $108.44 million, a PE ratio of 17.18 and a beta of 0.29. The firm's 50 day moving average is $16.38 and its 200-day moving average is $15.99.

Provident Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th will be issued a $0.14 dividend. The ex-dividend date is Thursday, May 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.3%. Provident Financial's dividend payout ratio (DPR) is 56.57%.

Institutional Trading of Provident Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in PROV. Empowered Funds LLC raised its holdings in shares of Provident Financial by 7.9% in the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock valued at $424,000 after purchasing an additional 2,120 shares during the last quarter. Susquehanna International Group LLP acquired a new stake in shares of Provident Financial in the third quarter valued at approximately $273,000. Federated Hermes Inc. raised its holdings in shares of Provident Financial by 13.2% in the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider's stock valued at $472,000 after purchasing an additional 3,459 shares during the last quarter. Fourthstone LLC raised its holdings in shares of Provident Financial by 52.6% in the fourth quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider's stock valued at $5,603,000 after purchasing an additional 121,329 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Provident Financial by 2.8% in the fourth 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. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PROV. Weiss Ratings reissued a "hold (c)" rating on shares of Provident Financial in a research note on Tuesday, April 21st. Zacks Research raised Provident Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, December 29th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $16.00.

About Provident Financial

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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