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

Key Points

• Provident Financial Holdings (NASDAQ:PROV) shares have surpassed their 200-day moving average of $15.23, reaching a high of $15.85 during recent trading, with a last traded price of $15.55.
• Analysts are cautiously optimistic, with Piper Sandler upgrading the stock to a "neutral" rating and setting a price target of $16.50, while the current consensus rating for the company is "Hold."
• The company recently declared a quarterly dividend of $0.14, yielding 3.6% annually, indicating a strategic move to maintain investor confidence despite missing quarterly earnings estimates.

Shares of Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $15.23 and traded as high as $15.85. Provident Financial shares last traded at $15.55, with a volume of 9,293 shares traded.

Wall Street Analysts Forecast Growth

PROV has been the subject of a number of analyst reports. Piper Sandler upgraded Provident Financial to a "neutral" rating and set a $16.50 price target for the company in a research report on Monday, July 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Provident Financial in a research note on Wednesday. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Provident Financial currently has an average rating of "Hold" and a consensus price target of $16.50.

Provident Financial Stock Down 1.9%

The business has a 50-day moving average price of $15.52 and a 200-day moving average price of $15.23. The company has a market capitalization of $102.29 million, a price-to-earnings ratio of 16.72 and a beta of 0.40. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.66.

Provident Financial (NASDAQ:PROV - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.05). The business had revenue of $9.76 million for the quarter, compared to analyst estimates of $10.50 million. Provident Financial had a net margin of 10.40% and a return on equity of 4.85%. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts anticipate that Provident Financial Holdings, Inc. will post 0.9 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 14th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, August 14th. Provident Financial's dividend payout ratio is currently 60.22%.

Institutional Investors Weigh In On Provident Financial

Several hedge funds have recently bought and sold shares of PROV. Empowered Funds LLC lifted its stake in Provident Financial by 7.9% in the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock worth $424,000 after acquiring an additional 2,120 shares in the last quarter. Fourthstone LLC lifted its stake in Provident Financial by 31.4% in the 2nd quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider's stock worth $1,786,000 after acquiring an additional 27,556 shares in the last quarter. Finally, M3F Inc. lifted its stake in Provident Financial by 0.5% in the 1st quarter. M3F Inc. now owns 438,215 shares of the financial services provider's stock worth $6,394,000 after acquiring an additional 2,215 shares in the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

Provident Financial Company Profile

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.

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