Provident Financial (NASDAQ:PROV) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Provident Financial (NASDAQ: PROV) shares moved above their 200-day moving average on Thursday, trading as high as $17.34 and last changing hands at $17.20.
• Wall Street sentiment remains cautious: multiple analysts rate the stock Hold, with a consensus price target of $17.00, roughly in line with the current share price.
• The company recently paid a quarterly dividend of $0.14 per share, implying a 3.3% annualized yield, while insiders and institutional investors have both been active in the stock.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.59 and traded as high as $17.34. Provident Financial shares last traded at $17.20, with a volume of 3,199 shares traded.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PROV shares. Weiss Ratings reissued a "hold (c)" rating on shares of Provident Financial in a report on Tuesday, April 21st. Zacks Research raised shares of Provident Financial to a "hold" rating in a report on Monday, June 29th. Finally, Piper Sandler began coverage on shares of Provident Financial in a research report on Friday, June 26th. They issued a "neutral" rating and a $17.00 price target for the company. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $17.00.

Provident Financial Stock Performance

The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a fifty day simple moving average of $17.08 and a two-hundred day simple moving average of $16.59. The stock has a market cap of $107.50 million, a price-to-earnings ratio of 18.70 and a beta of 0.33.

Provident Financial (NASDAQ:PROV - Get Free Report) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The company had revenue of $14.57 million during the quarter, compared to the consensus estimate of $10.10 million. Provident Financial had a return on equity of 4.77% and a net margin of 10.27%. Analysts expect that Provident Financial Holdings, Inc. will post 0.96 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 14th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.56 dividend on an annualized basis and a yield of 3.3%. Provident Financial's payout ratio is currently 60.87%.

Insider Activity

In other news, SVP David Weiant sold 2,732 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the transaction, the senior vice president owned 6,175 shares of the company's stock, valued at $105,716. This represents a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 4,744 shares of company stock valued at $81,076 over the last three months. Corporate insiders own 11.49% of the company's stock.

Institutional Trading of Provident Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Susquehanna International Group LLP bought a new position in Provident Financial during the 3rd quarter worth $273,000. Empowered Funds LLC grew its position in shares of Provident Financial by 7.9% in the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock valued at $424,000 after buying an additional 2,120 shares during the last quarter. Federated Hermes Inc. increased its stake 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 buying an additional 3,459 shares during the period. Bridgeway Capital Management LLC increased its stake 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 buying an additional 1,834 shares during the period. Finally, Fourthstone LLC increased its position in Provident Financial by 52.6% during the 4th 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 period. 71.34% of the stock is currently owned by institutional investors and hedge funds.

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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