Provident Financial (NASDAQ:PROV) Shares Cross Above 200-Day Moving Average – Should You Sell?

Provident Financial Holdings, Inc. (NASDAQ:PROV)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $16.73 and traded as high as $18.34. Provident Financial shares last traded at $18.03, with a volume of 11,466 shares.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PROV shares. Zacks Research upgraded shares of Provident Financial to a “hold” rating in a report on Monday, June 29th. Piper Sandler raised their price target on Provident Financial from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Weiss Ratings reaffirmed 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, the stock has a consensus rating of “Hold” and a consensus price target of $18.00.

Provident Financial Stock Down 0.8%

The firm’s 50-day moving average price is $17.21 and its two-hundred day moving average price is $16.75. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $112.07 million, a PE ratio of 17.40 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. The firm had revenue of $15.22 million for the quarter, compared to the consensus estimate of $10.00 million. As a group, equities research analysts expect that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Announces Dividend

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

Insider Activity

In related news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the sale, the senior vice president directly owned 6,175 shares of the company’s stock, valued at $105,716. This represents a 30.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 4,744 shares of company stock valued at $81,076. 11.49% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Provident Financial

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Provident Financial in the 2nd quarter valued at $4,844,000. Deutsche Bank AG acquired a new stake in Provident Financial during the 2nd quarter worth $3,251,000. Perigon Wealth Management LLC purchased a new position in Provident Financial during the 2nd quarter worth $342,000. Bank of New York Mellon Corp purchased a new position in Provident Financial during the 2nd quarter worth $190,000. Finally, Empowered Funds LLC increased its stake in Provident Financial by 7.6% in the first quarter. Empowered Funds LLC now owns 33,854 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 2,400 shares during the period. 71.34% of the stock is owned by institutional investors and hedge funds.

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.