Provident Financial (NASDAQ:PROV) Releases Quarterly Earnings Results

Key Points

• Provident Financial reported a quarterly earnings per share (EPS) of $0.24, missing expectations by $0.07, and showing a decline from last year’s EPS of $0.28.
• The company declared a quarterly dividend of $0.14 per share, with a dividend yield of 3.62%, and an ex-dividend date set for August 14th.
• Institutional investors hold 71.34% of Provident Financial stock, indicating significant institutional interest in the company.

Provident Financial (NASDAQ:PROV - Get Free Report) issued its earnings results on Monday. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.05), RTT News reports. Provident Financial had a return on equity of 4.85% and a net margin of 10.40%. The firm had revenue of $9.76 million during the quarter, compared to analyst estimates of $10.50 million. During the same period in the previous year, the company earned $0.28 EPS.

Provident Financial Trading Up 1.0%

Shares of Provident Financial stock traded up $0.16 on Thursday, hitting $15.34. 3,055 shares of the company's stock traded hands, compared to its average volume of 5,948. Provident Financial has a one year low of $12.81 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.22. The company has a fifty day moving average of $15.45 and a two-hundred day moving average of $15.12. The company has a market capitalization of $102.59 million, a price-to-earnings ratio of 16.49 and a beta of 0.34.

Provident Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, August 14th. This represents a $0.56 annualized dividend and a dividend yield of 3.65%. Provident Financial's payout ratio is 60.22%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PROV shares. Wall Street Zen started coverage on Provident Financial in a research note on Wednesday, May 21st. They issued a "hold" rating for the company. Piper Sandler raised Provident Financial to a "neutral" rating and set a $16.50 price target for the company in a research note on Monday, July 14th.

Insider Transactions at Provident Financial

In other news, SVP Gwendolyn Wertz sold 1,940 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.40, for a total value of $29,876.00. Following the transaction, the senior vice president owned 25,337 shares in the company, valued at $390,189.80. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.41% of the company's stock.

Institutional Trading of Provident Financial

A hedge fund recently raised its stake in Provident Financial stock. Empowered Funds LLC raised its holdings in Provident Financial Holdings, Inc. (NASDAQ:PROV - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,084 shares of the financial services provider's stock after acquiring an additional 2,120 shares during the period. Empowered Funds LLC owned approximately 0.43% of Provident Financial worth $424,000 at the end of the most recent reporting period. 71.34% of the stock is owned by institutional investors and hedge funds.

About Provident Financial

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.