Ieq Capital LLC purchased a new stake in Provident Financial Holdings, Inc. (NASDAQ:PROV – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 52,636 shares of the financial services provider’s stock, valued at approximately $1,244,000.
Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Provident Financial during the second quarter valued at approximately $454,936,000. Deutsche Bank AG acquired a new stake in shares of Provident Financial in the second quarter worth approximately $3,251,000. Fourthstone LLC lifted its holdings in Provident Financial by 52.6% in the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock valued at $5,603,000 after purchasing an additional 121,329 shares in the last quarter. Sterling Financial Planning Inc. purchased a new position in Provident Financial in the 2nd quarter valued at $476,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Provident Financial in the third quarter valued at about $273,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on PROV shares. Piper Sandler raised their price target on shares of Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research note on Friday, July 17th. Finally, Zacks Research upgraded 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, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.
Provident Financial Stock Performance
Shares of PROV opened at $18.34 on Thursday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a 50-day simple moving average of $17.51 and a 200-day simple moving average of $16.93. The stock has a market capitalization of $114.62 million, a PE ratio of 17.81 and a beta of 0.33. Provident Financial Holdings, Inc. has a 1 year low of $14.95 and a 1 year high of $18.50.
Provident Financial (NASDAQ:PROV – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. The company had revenue of $15.22 million for the quarter, compared to analysts’ expectations of $10.00 million. On average, analysts predict 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 declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Thursday, August 13th. Provident Financial’s dividend payout ratio (DPR) is currently 54.37%.
Insider Activity at Provident Financial
In other Provident Financial news, SVP David Weiant sold 2,732 shares of the business’s 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 4,744 shares of company stock valued at $81,076. 11.49% of the stock is owned by company insiders.
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.
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