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

Provident Financial Holdings, Inc. (NASDAQ:PROV) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $16.82 and traded as high as $18.17. Provident Financial shares last traded at $18.01, with a volume of 17,023 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PROV. Piper Sandler increased their price target on Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research note on Friday, July 17th. Finally, Zacks Research raised shares of Provident Financial to a “hold” rating in a report on Monday, June 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Provident Financial presently has an average rating of “Hold” and an average price target of $18.00.

Provident Financial Price Performance

The stock’s 50-day moving average is $17.34 and its 200 day moving average is $16.82. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $112.38 million, a PE ratio of 17.46 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $15.22 million for the quarter, compared to analyst estimates of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. On average, equities analysts anticipate that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

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

Insiders Place Their Bets

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 transaction of $46,771.84. Following the transaction, 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 filing with the SEC, which is available at this link. In the last quarter, insiders sold 4,744 shares of company stock worth $81,076. 11.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Provident Financial

Several institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its stake in shares of Provident Financial by 6.2% during the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock worth $500,000 after acquiring an additional 1,834 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of Provident Financial by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock valued at $1,060,000 after purchasing an additional 1,834 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Provident Financial in the 2nd quarter valued at approximately $63,000. Federated Hermes Inc. boosted its stake in Provident Financial by 13.2% in the 4th 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, Allworth Financial LP acquired a new stake in Provident Financial in the 2nd quarter worth approximately $203,000. 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.