Raffles Associates LP Invests $6.73 Million in Provident Financial Holdings, Inc. $PROV

Posted by Brian Himes on Aug 28th, 2026

Raffles Associates LP bought a new stake in Provident Financial Holdings, Inc. (NASDAQ:PROV – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 391,118 shares of the financial services provider’s stock, valued at approximately $6,727,000. Provident Financial makes up approximately 5.5% of Raffles Associates LP’s investment portfolio, making the stock its 6th biggest position. Raffles Associates LP owned approximately 6.26% of Provident Financial at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. purchased a new stake in Provident Financial in the 2nd quarter valued at $63,000. Allworth Financial LP purchased a new position in Provident Financial during the 2nd quarter worth $203,000. Bank of New York Mellon Corp bought a new stake in shares of Provident Financial in the 2nd quarter worth $190,000. Perigon Wealth Management LLC bought a new stake in shares of Provident Financial in the 2nd quarter worth $342,000. Finally, Susquehanna International Group LLP purchased a new stake in shares of Provident Financial in the third quarter valued at about $273,000. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Provident Financial Price Performance

Shares of NASDAQ:PROV opened at $18.32 on Friday. The company has a market capitalization of $114.57 million, a P/E ratio of 17.79 and a beta of 0.33. The company’s 50-day moving average is $17.54 and its 200 day moving average is $16.95. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. Provident Financial Holdings, Inc. has a fifty-two week low of $14.95 and a fifty-two week high of $18.54.

Provident Financial (NASDAQ:PROV – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 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 research analysts forecast that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current year.

Provident Financial Dividend Announcement

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

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total value of $46,771.84. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 4,744 shares of company stock valued at $81,076. Insiders own 11.49% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PROV. Piper Sandler raised their price target on shares of Provident Financial from $17.00 to $18.00 and gave the company 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 upgraded Provident Financial to a “hold” rating in a research note on Monday, June 29th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Check Out Our Latest Research Report on PROV

About Provident Financial

(Free Report)

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.