Provident Financial (NASDAQ:PROV) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Provident Financial (NASDAQ:PROV) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06, Zacks reports. Provident Financial had a return on equity of 4.77% and a net margin of 10.27%.The company had revenue of $15.22 million during the quarter, compared to analyst estimates of $10.00 million.

Provident Financial Price Performance

Shares of NASDAQ:PROV opened at $17.60 on Wednesday. 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 stock has a market cap of $110.07 million, a PE ratio of 19.13 and a beta of 0.33. The company’s fifty day moving average is $17.11 and its 200 day moving average is $16.66. Provident Financial has a 52 week low of $14.95 and a 52 week high of $18.00.

Provident Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Thursday, August 13th. Provident Financial’s dividend payout ratio (DPR) is presently 60.87%.

Insider Transactions at Provident Financial

In other 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 transaction, the senior vice president directly owned 6,175 shares of the company’s stock, valued at approximately $105,716. This trade represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 4,744 shares of company stock worth $81,076 in the last ninety days. Corporate insiders own 11.49% of the company’s stock.

Institutional Investors Weigh In On Provident Financial

A number of hedge funds and other institutional investors have recently modified their holdings of PROV. Bridgeway Capital Management LLC grew its position in Provident Financial by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after acquiring an additional 1,834 shares during the last quarter. Empowered Funds LLC lifted its position in Provident Financial by 6.2% in the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 1,834 shares during the last quarter. Federated Hermes Inc. lifted its position in Provident Financial by 13.2% in the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock valued at $472,000 after purchasing an additional 3,459 shares during the last quarter. Susquehanna International Group LLP purchased a new stake in shares of Provident Financial during the third quarter valued at approximately $273,000. Finally, Fourthstone LLC boosted its stake in shares of Provident Financial by 52.6% during the fourth 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 during the period. Institutional investors own 71.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PROV. Weiss Ratings reissued a “hold (c)” rating on shares of Provident Financial in a research note on Friday, July 17th. Zacks Research raised Provident Financial to a “hold” rating in a research note on Monday, June 29th. Finally, Piper Sandler initiated coverage on Provident Financial in a report on Friday, June 26th. They issued a “neutral” rating and a $17.00 price objective for the company. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.00.

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.