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

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 $15.73 and traded as high as $16.21. Provident Financial shares last traded at $16.09, with a volume of 3,769 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a research report on Thursday, January 22nd. Piper Sandler dropped their target price on shares of Provident Financial from $16.50 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Finally, Zacks Research upgraded shares of Provident Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Provident Financial has a consensus rating of “Hold” and an average price target of $16.00.

Provident Financial Stock Down 0.7%

The company has a market cap of $102.65 million, a PE ratio of 16.25 and a beta of 0.32. The stock has a 50-day moving average of $16.10 and a 200-day moving average of $15.73. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.67.

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

Provident Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, February 12th. This represents a $0.56 annualized dividend and a yield of 3.5%. Provident Financial’s payout ratio is presently 56.57%.

Institutional Investors Weigh In On Provident Financial

Large investors have recently added to or reduced their stakes in the company. Susquehanna International Group LLP purchased a new position in shares of Provident Financial during the third quarter worth approximately $273,000. Empowered Funds LLC increased its holdings in shares of Provident Financial by 7.9% in the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock worth $424,000 after buying an additional 2,120 shares during the period. Federated Hermes Inc. lifted its stake in shares of Provident Financial by 13.2% in the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock valued at $472,000 after acquiring an additional 3,459 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in Provident Financial by 2.8% during 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 acquiring an additional 1,834 shares during the period. Finally, Fourthstone LLC grew its position in Provident Financial by 31.4% during the 2nd quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider’s stock worth $1,786,000 after acquiring an additional 27,556 shares during the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

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.