Provident Financial (NASDAQ:PROV) Stock Passes Above 200 Day Moving Average – What’s Next?

Provident Financial Holdings, Inc. (NASDAQ:PROV)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.82 and traded as high as $18.17. Provident Financial shares last traded at $18.01, with a volume of 17,023 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Zacks Research upgraded shares of Provident Financial to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Finally, Piper Sandler raised their target price on shares of Provident Financial from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Provident Financial currently has an average rating of “Hold” and a consensus target price of $18.00.

Provident Financial Stock Down 0.1%

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 50 day simple moving average of $17.32 and a 200-day simple moving average of $16.82. The firm has a market cap of $112.56 million, a PE ratio of 17.49 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%.The firm had revenue of $15.22 million for the quarter, compared to analysts’ expectations of $10.00 million. Sell-side analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be paid a $0.14 dividend. The ex-dividend date is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a yield of 3.1%. Provident Financial’s 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 shares were 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 approximately $105,716. This trade represents a 30.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 4,744 shares of company stock worth $81,076. Corporate insiders own 11.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Provident Financial during the 2nd quarter valued at about $63,000. EP Wealth Advisors LLC bought a new position in shares of Provident Financial in the 2nd quarter worth approximately $562,000. Ieq Capital LLC purchased a new position in shares of Provident Financial in the second quarter worth approximately $1,244,000. Sterling Financial Planning Inc. purchased a new position in shares of Provident Financial in the second quarter worth approximately $476,000. Finally, Allworth Financial LP bought a new stake in Provident Financial during the second quarter valued at approximately $203,000. Institutional investors own 71.34% of the company’s stock.

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.