Hsbc Holdings PLC Buys New Position in Provident Financial Holdings, Inc. $PROV

Hsbc Holdings PLC bought a new stake in Provident Financial Holdings, Inc. (NASDAQ:PROV) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 70,616 shares of the financial services provider’s stock, valued at approximately $1,666,000. Hsbc Holdings PLC owned about 1.13% of Provident Financial as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Provident Financial during the second quarter worth approximately $63,000. Bank of New York Mellon Corp bought a new stake in Provident Financial in the 2nd quarter valued at $190,000. Allworth Financial LP acquired a new stake in Provident Financial in the 2nd quarter worth $203,000. Susquehanna International Group LLP acquired a new stake in Provident Financial in the 3rd quarter worth $273,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Provident Financial during the 2nd quarter worth about $342,000. 71.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Provident Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 26th. Piper Sandler boosted their price target on Provident Financial from $17.00 to $18.00 and gave the company 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 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president owned 6,175 shares in the company, valued at $105,716. This trade represents a 30.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 4,744 shares of company stock worth $81,076. 11.49% of the stock is owned by company insiders.

Provident Financial Price Performance

NASDAQ:PROV opened at $18.35 on Monday. The company has a 50-day moving average of $17.57 and a 200-day moving average of $16.96. The company has a market capitalization of $114.76 million, a price-to-earnings ratio of 17.82 and a beta of 0.33. Provident Financial Holdings, Inc. has a 52 week low of $14.95 and a 52 week high of $18.53. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20.

Provident Financial (NASDAQ:PROV) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, beating 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 business had revenue of $15.22 million for the quarter, compared to analysts’ expectations of $10.00 million. As a group, equities research analysts anticipate that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.1%. Provident Financial’s dividend payout ratio is presently 54.37%.

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.