Basswood Capital Management L.L.C. Buys Shares of 414,090 Provident Financial Holdings, Inc. $PROV

Basswood Capital Management L.L.C. bought a new stake in Provident Financial Holdings, Inc. (NASDAQ:PROV) during the 2nd quarter, Holdings Channel.com reports. The fund bought 414,090 shares of the financial services provider’s stock, valued at approximately $9,789,000. Basswood Capital Management L.L.C. owned 0.07% of Provident Financial at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Provident Financial in the 2nd quarter worth approximately $454,936,000. Raffles Associates LP bought a new position in shares of Provident Financial during the 2nd quarter worth approximately $6,727,000. Deutsche Bank AG purchased a new stake in Provident Financial during the second quarter valued at approximately $3,251,000. Odyssean LLC purchased a new stake in Provident Financial during the second quarter valued at approximately $579,000. Finally, EP Wealth Advisors LLC acquired a new stake in Provident Financial in the second quarter valued at approximately $562,000. 71.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP David Weiant sold 2,732 shares of Provident Financial stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the sale, the senior vice president directly owned 6,175 shares in the company, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 4,744 shares of company stock valued at $81,076 over the last three months. Company insiders own 11.49% of the company’s stock.

Provident Financial Stock Performance

PROV opened at $18.34 on Thursday. Provident Financial Holdings, Inc. has a 52-week low of $14.95 and a 52-week high of $18.50. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45. The company has a market cap of $114.62 million, a P/E ratio of 17.81 and a beta of 0.33. The firm’s 50-day moving average price is $17.51 and its 200-day moving average price is $16.93.

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

Provident Financial Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.1%. Provident Financial’s dividend payout ratio (DPR) is currently 54.37%.

Analyst Ratings Changes

PROV has been the topic of several analyst reports. Zacks Research raised shares of Provident Financial to a “hold” rating in a report on Monday, June 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Finally, Piper Sandler raised 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. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.00.

Provident Financial 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.