Empowered Funds LLC Invests $14.23 Million in Provident Financial Holdings, Inc. $PROV

Empowered Funds LLC purchased a new stake in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 601,921 shares of the financial services provider’s stock, valued at approximately $14,229,000. Empowered Funds LLC owned 9.63% of Provident Financial as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. Deutsche Bank AG acquired a new stake in shares of Provident Financial in the second quarter worth $3,251,000. Raffles Associates LP bought a new position in Provident Financial in the 2nd quarter worth $6,727,000. BlackRock Inc. bought a new position in Provident Financial in the 2nd quarter worth $454,936,000. Basswood Capital Management L.L.C. acquired a new position in Provident Financial during the 2nd quarter worth $9,789,000. Finally, Ieq Capital LLC acquired a new position in Provident Financial during the 2nd quarter worth $1,244,000. 71.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PROV shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research report on Friday, July 17th. Piper Sandler boosted their price objective on Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Finally, Zacks Research raised Provident Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Insider Transactions at Provident Financial

In other news, SVP David Weiant sold 2,732 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the transaction, the senior vice president owned 6,175 shares in the company, valued at approximately $105,716. This represents a 30.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 4,744 shares of company stock valued at $81,076. Insiders own 11.49% of the company’s stock.

Provident Financial Price Performance

Shares of NASDAQ:PROV opened at $18.35 on Friday. Provident Financial Holdings, Inc. has a 1-year low of $14.95 and a 1-year high of $18.53. The firm has a market capitalization of $114.69 million, a PE ratio of 17.82 and a beta of 0.33. The business’s 50 day moving average is $17.57 and its 200-day moving average is $16.96. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.45.

Provident Financial (NASDAQ:PROV) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $15.22 million for the quarter, compared to analysts’ expectations of $10.00 million. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%. Sell-side analysts predict that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current year.

Provident Financial Announces Dividend

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

About Provident Financial

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.