Provident Financial Holdings, Inc. (NASDAQ:PROV) Short Interest Down 26.1% in August

Key Points

• Short interest in Provident Financial Holdings, Inc. decreased by 26.1% in August, dropping from 28,000 shares to 20,700 shares.
• The company reported a quarterly EPS of $0.24, missing analysts' estimates of $0.29, with a revenue of $9.76 million against expectations of $10.50 million.
• Provident Financial has declared a quarterly dividend of $0.14, resulting in an annualized yield of 3.6% and a payout ratio of 60.22%.

Provident Financial Holdings, Inc. (NASDAQ:PROV - Get Free Report) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 20,700 shares, a decline of 26.1% from the August 15th total of 28,000 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 6,000 shares, the days-to-cover ratio is currently 3.5 days. Based on an average daily trading volume, of 6,000 shares, the days-to-cover ratio is currently 3.5 days. Currently, 0.4% of the shares of the company are sold short.

Provident Financial Stock Up 0.3%

Provident Financial stock traded up $0.04 during midday trading on Friday, reaching $15.75. The company's stock had a trading volume of 13,459 shares, compared to its average volume of 7,063. Provident Financial has a 52-week low of $12.98 and a 52-week high of $16.70. The stock has a market capitalization of $103.59 million, a P/E ratio of 16.94 and a beta of 0.39. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.22 and a quick ratio of 1.22. The stock's 50-day simple moving average is $15.43 and its 200-day simple moving average is $15.09.

Provident Financial (NASDAQ:PROV - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). Provident Financial had a return on equity of 4.85% and a net margin of 10.40%.The firm had revenue of $9.76 million during the quarter, compared to analysts' expectations of $10.50 million. During the same quarter in the previous year, the business earned $0.28 earnings per share. On average, sell-side analysts expect that Provident Financial will post 0.9 EPS for the current year.

Provident Financial Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PROV. Fourthstone LLC raised its position in Provident Financial by 31.4% during the second quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider's stock valued at $1,786,000 after acquiring an additional 27,556 shares in the last quarter. Northern Trust Corp grew its holdings 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 purchasing an additional 5,445 shares during the period. M3F Inc. grew its holdings 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 purchasing an additional 2,215 shares during the period. Finally, Empowered Funds LLC grew its holdings 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 valued at $424,000 after purchasing an additional 2,120 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler raised shares of Provident Financial to a "neutral" rating and set a $16.50 price target on the stock in a report on Monday, July 14th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $16.50.

About Provident Financial

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.