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

Key Points

• Provident Financial Holdings, Inc. stock has surpassed its 200-day moving average, trading at $15.69 with a volume of 1,693 shares.
• Analysts have set an average target price of $16.50 for Provident Financial, with a consensus rating of "Hold."
• The company reported earnings of $0.24 EPS for the last quarter, missing estimates by $0.05, and has announced a quarterly dividend of $0.14 per share.

Shares of Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.29 and traded as high as $15.80. Provident Financial shares last traded at $15.69, with a volume of 1,693 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Piper Sandler upgraded Provident Financial to a "neutral" rating and set a $16.50 price target on the stock in a report on Monday, July 14th. Weiss Ratings restated a "hold (c)" rating on shares of Provident Financial in a report on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Provident Financial presently has a consensus rating of "Hold" and an average target price of $16.50.

Provident Financial Stock Up 0.5%

The stock has a market cap of $103.24 million, a price-to-earnings ratio of 16.87 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. The stock has a fifty day moving average of $15.58 and a two-hundred day moving average of $15.29.

Provident Financial (NASDAQ:PROV - Get Free Report) last issued 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 company 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 firm earned $0.28 EPS. As a group, analysts predict that Provident Financial Holdings, Inc. will post 0.9 EPS for the current fiscal year.

Provident Financial Announces Dividend

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

Hedge Funds Weigh In On Provident Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its position in Provident Financial by 7.9% in the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock worth $424,000 after purchasing an additional 2,120 shares during the period. M3F Inc. lifted 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 worth $6,394,000 after purchasing an additional 2,215 shares during the period. Finally, Fourthstone LLC lifted its position in Provident Financial by 31.4% in the second quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider's stock worth $1,786,000 after purchasing an additional 27,556 shares during the period. 71.34% of the stock is owned by 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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