Provident Financial (NASDAQ:PROV) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Provident Financial (NASDAQ:PROV) to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other analysts have also weighed in on PROV. Piper Sandler assumed coverage on shares of Provident Financial in a research note on Friday, June 26th. They issued a “neutral” rating and a $17.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Provident Financial in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Provident Financial Trading Down 0.1%

Shares of NASDAQ PROV opened at $17.20 on Monday. Provident Financial has a twelve month low of $14.95 and a twelve month high of $17.42. The firm has a market cap of $107.57 million, a PE ratio of 18.70 and a beta of 0.33. The business has a fifty day simple moving average of $17.05 and a two-hundred day simple moving average of $16.49. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The firm had revenue of $14.57 million for the quarter, compared to the consensus estimate of $10.10 million. Provident Financial had a return on equity of 4.77% and a net margin of 10.27%. Analysts expect that Provident Financial will post 0.96 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Thursday, May 14th. Provident Financial’s payout ratio is presently 60.87%.

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was 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 $105,716. This represents a 30.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders sold 4,744 shares of company stock valued at $81,076. Insiders own 11.49% of the company’s stock.

Hedge Funds Weigh In On Provident Financial

A number of large investors have recently added to or reduced their stakes in the company. Fourthstone LLC boosted its holdings in shares of 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 buying an additional 121,329 shares in the last quarter. Susquehanna International Group LLP bought a new position in shares of Provident Financial during the 3rd quarter worth approximately $273,000. Federated Hermes Inc. lifted its position in Provident Financial by 13.2% during the fourth 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. Empowered Funds LLC lifted its position in Provident Financial by 7.6% during the first quarter. Empowered Funds LLC now owns 33,854 shares of the financial services provider’s stock valued at $546,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in Provident Financial by 2.8% in the fourth 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 in the last quarter. 71.34% of the stock is currently owned by institutional investors.

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.