Provident Financial (NASDAQ:PROV) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Provident Financial's stock (NASDAQ:PROV) recently crossed above its 200-day moving average of $15.13, trading as high as $15.60 before settling at $15.40.
• The company reported earnings per share (EPS) of $0.24 for the last quarter, missing analysts' expectations, with revenues of $9.76 million compared to the projected $10.50 million.
• Provident Financial announced a quarterly dividend of $0.14 per share, with a yield of 3.6%, payable on September 4th to shareholders of record from August 14th.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.13 and traded as high as $15.60. Provident Financial shares last traded at $15.40, with a volume of 8,308 shares trading hands.

Wall Street Analysts Forecast Growth

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

Provident Financial Stock Performance

The stock has a market capitalization of $102.89 million, a price-to-earnings ratio of 16.54 and a beta of 0.37. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 1.67. The stock's 50 day moving average is $15.47 and its two-hundred day moving average is $15.12.

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

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, August 14th. Provident Financial's dividend payout ratio is presently 60.22%.

Insiders Place Their Bets

In other Provident Financial news, SVP Gwendolyn Wertz sold 1,940 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $15.40, for a total value of $29,876.00. Following the transaction, the senior vice president directly owned 25,337 shares of the company's stock, valued at $390,189.80. This represents a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Provident Financial

Several large investors have recently made changes to their positions in the company. Fourthstone LLC boosted its position in shares of Provident Financial by 31.4% during 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. Empowered Funds LLC boosted its position in shares of Provident Financial by 7.9% during 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. M3F Inc. boosted its position in Provident Financial by 0.5% in the first quarter. M3F Inc. now owns 438,215 shares of the financial services provider's stock valued at $6,394,000 after buying an additional 2,215 shares in the last quarter. Black Maple Capital Management LP boosted its position in Provident Financial by 8.9% in the fourth quarter. Black Maple Capital Management LP now owns 31,128 shares of the financial services provider's stock valued at $495,000 after buying an additional 2,557 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Provident Financial by 25.9% in the fourth quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider's stock valued at $421,000 after buying an additional 5,445 shares in the last quarter. Institutional investors and hedge funds own 71.34% of the company's stock.

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.