The Manufacturers Life Insurance Company bought a new stake in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV – Free Report) in the 2nd quarter, Holdings Channel.com reports. The firm bought 303,733 shares of the financial services provider’s stock, valued at approximately $5,224,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in Provident Financial in the second quarter worth approximately $63,000. Bank of New York Mellon Corp bought a new stake in shares of Provident Financial during the 2nd quarter valued at $190,000. Allworth Financial LP bought a new stake in shares of Provident Financial during the 2nd quarter valued at $203,000. Susquehanna International Group LLP purchased a new stake in shares of Provident Financial in the 3rd quarter worth $273,000. Finally, Perigon Wealth Management LLC purchased a new stake in shares of Provident Financial in the 2nd quarter worth $342,000. 71.34% of the stock is owned by hedge funds and other institutional investors.
Provident Financial Stock Performance
Shares of NASDAQ PROV opened at $18.31 on Tuesday. The firm has a fifty day moving average price of $17.59 and a 200-day moving average price of $16.98. 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 stock has a market cap of $114.44 million, a PE ratio of 17.78 and a beta of 0.33. Provident Financial Holdings, Inc. has a 1 year low of $14.95 and a 1 year high of $18.74.
Provident Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Thursday, August 13th. Provident Financial’s dividend payout ratio is presently 54.37%.
Insider Buying and Selling
In other Provident Financial news, SVP David Weiant sold 2,732 shares of the firm’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 sale, the senior vice president directly owned 6,175 shares of the company’s stock, valued at $105,716. This trade represents a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 4,744 shares of company stock worth $81,076 over the last quarter. 11.49% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
PROV has been the topic of several analyst reports. Zacks Research upgraded Provident Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 26th. 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 note on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.00.
Read Our Latest Research Report on PROV
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.
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