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

Key Points

• Provident Financial shares rose above their 200-day moving average, trading as high as $18.17 versus the $16.82 average, and last changing hands at $18.01.
• Analysts maintain a consensus “Hold” rating with an $18.00 price target, while the company’s latest quarterly earnings of $0.35 per share exceeded estimates of $0.29.
• The company declared a quarterly dividend of $0.14, equivalent to an annualized $0.56 payout and a 3.1% yield; institutional investors own 71.34% of outstanding shares.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $16.82 and traded as high as $18.17. Provident Financial shares last traded at $18.01, with a volume of 17,023 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PROV. Piper Sandler raised their target price on shares of Provident Financial from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Zacks Research raised shares of Provident Financial to a "hold" rating in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Provident Financial in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Provident Financial presently has an average rating of "Hold" and a consensus price target of $18.00.

Provident Financial Price Performance

The business has a 50-day simple moving average of $17.32 and a 200 day simple moving average of $16.82. The firm has a market cap of $112.56 million, a P/E ratio of 17.49 and a beta of 0.33. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20.

Provident Financial (NASDAQ:PROV - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%.The firm had revenue of $15.22 million for the quarter, compared to analyst estimates of $10.00 million. On average, analysts anticipate that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Provident Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be issued a $0.14 dividend. The ex-dividend date is Thursday, August 13th. This represents a $0.56 annualized dividend and a yield of 3.1%. Provident Financial's payout ratio is 54.37%.

Insider Transactions at Provident Financial

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

Hedge Funds Weigh In On Provident Financial

Institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new stake in Provident Financial during the 2nd quarter valued at approximately $63,000. Bank of New York Mellon Corp purchased a new position in shares of Provident Financial in the 2nd quarter valued at approximately $190,000. Allworth Financial LP bought a new stake in shares of Provident Financial during the second quarter valued at approximately $203,000. Susquehanna International Group LLP purchased a new stake in Provident Financial in the third quarter worth $273,000. Finally, Perigon Wealth Management LLC bought a new position in Provident Financial in the second quarter worth $342,000. 71.34% of the stock is owned by institutional investors.

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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