Provident Financial (NASDAQ:PROV) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.85 and traded as high as $16.30. Provident Financial shares last traded at $16.26, with a volume of 7,698 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PROV shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a report on Thursday, January 22nd. Zacks Research upgraded Provident Financial from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.00.

Provident Financial Price Performance

The firm’s 50-day moving average price is $16.12 and its 200-day moving average price is $15.85. The company has a market cap of $103.66 million, a price-to-earnings ratio of 16.42 and a beta of 0.29. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.24 and a quick ratio of 1.24.

Provident Financial (NASDAQ:PROV) last issued its earnings results on Tuesday, January 27th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.08). Provident Financial had a net margin of 10.97% and a return on equity of 5.14%. The business had revenue of $14.87 million during the quarter, compared to analysts’ expectations of $10.10 million. Sell-side analysts forecast that Provident Financial Holdings, Inc. will post 0.9 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Thursday, February 12th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, February 12th. Provident Financial’s payout ratio is currently 56.57%.

Institutional Investors Weigh In On Provident Financial

Large investors have recently modified their holdings of the stock. Empowered Funds LLC raised its holdings 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 valued at $424,000 after buying an additional 2,120 shares during the period. Fourthstone LLC grew 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 valued at $1,786,000 after acquiring an additional 27,556 shares in the last quarter. Susquehanna International Group LLP purchased a new stake in shares of Provident Financial during the third quarter valued at approximately $273,000. Federated Hermes Inc. lifted its position in shares of Provident Financial by 13.2% during the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 3,459 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of Provident Financial by 2.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after purchasing an additional 1,834 shares in the last quarter. Institutional investors and hedge funds own 71.34% of the company’s stock.

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.