Provident Financial (NASDAQ:PROV) Announces Quarterly Earnings Results

Key Points

• Provident Financial beat quarterly earnings expectations, reporting $0.35 in EPS versus the analyst consensus of $0.29. The company posted a 10.27% net margin and 4.77% return on equity.
• The company declared a quarterly dividend of $0.14 per share, equating to $0.56 annually and a 3.2% yield; the dividend is payable September 3 to shareholders of record on August 13.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and $17.00 price target, while PROV recently traded at $17.26.

Provident Financial (NASDAQ:PROV - Get Free Report) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06, Zacks reports. Provident Financial had a net margin of 10.27% and a return on equity of 4.77%.

Provident Financial Trading Up 0.2%

NASDAQ PROV opened at $17.26 on Tuesday. Provident Financial has a 1 year low of $14.95 and a 1 year high of $17.42. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market capitalization of $107.88 million, a PE ratio of 18.76 and a beta of 0.33. The company has a fifty day moving average of $17.10 and a 200 day moving average of $16.65.

Provident Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 13th. Provident Financial's dividend payout ratio (DPR) is 60.87%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PROV. Weiss Ratings reiterated a "hold (c)" rating on shares of Provident Financial in a research note on Friday, July 17th. Zacks Research upgraded Provident Financial to a "hold" rating in a research note on Monday, June 29th. Finally, Piper Sandler initiated coverage on Provident Financial in a research note on Friday, June 26th. They issued a "neutral" rating and a $17.00 target price for the company. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $17.00.

Insiders Place Their Bets

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total transaction of $46,771.84. Following the sale, the senior vice president directly owned 6,175 shares of the company's stock, valued at approximately $105,716. This trade represents a 30.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 4,744 shares of company stock worth $81,076. 11.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Provident Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC grew its holdings in Provident Financial by 6.2% during the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider's stock worth $500,000 after acquiring an additional 1,834 shares during the period. Bridgeway Capital Management LLC lifted its holdings in 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 acquiring an additional 1,834 shares during the period. Fourthstone LLC lifted its holdings in 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 acquiring an additional 121,329 shares during the period. Federated Hermes Inc. boosted its position in Provident Financial by 13.2% in the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider's stock worth $472,000 after purchasing an additional 3,459 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in Provident Financial in the 3rd quarter worth approximately $273,000. Institutional investors and hedge funds own 71.34% of the company's stock.

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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