StockNews.com Initiates Coverage on Provident Financial (NASDAQ:PROV)

StockNews.com assumed coverage on shares of Provident Financial (NASDAQ:PROV) in a research note released on Wednesday. The firm issued a hold rating on the financial services provider’s stock.

Separately, Piper Sandler decreased their target price on Provident Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th.

Provident Financial Trading Down 0.3 %

PROV stock opened at $14.45 on Wednesday. Provident Financial has a one year low of $12.01 and a one year high of $16.70. The stock has a market cap of $96.68 million, a price-to-earnings ratio of 15.88 and a beta of 0.35. The company has a fifty day moving average price of $15.16 and a two-hundred day moving average price of $15.32. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.25 and a quick ratio of 1.25.

Provident Financial (NASDAQ:PROV) last announced its earnings results on Tuesday, January 28th. The financial services provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.13). Provident Financial had a return on equity of 4.81% and a net margin of 10.39%. During the same quarter in the prior year, the company posted $0.31 EPS. Equities analysts anticipate that Provident Financial will post 0.9 EPS for the current year.

Provident Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Thursday, February 13th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Thursday, February 13th. Provident Financial’s dividend payout ratio is currently 61.54%.

Hedge Funds Weigh In On Provident Financial

Several institutional investors and hedge funds have recently modified their holdings of PROV. Fourthstone LLC acquired a new stake in Provident Financial in the 3rd quarter worth about $991,000. Empowered Funds LLC increased its holdings in shares of Provident Financial by 5.1% during the fourth quarter. Empowered Funds LLC now owns 26,964 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 1,307 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Provident Financial by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 486,296 shares of the financial services provider’s stock valued at $7,737,000 after buying an additional 1,342 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Provident Financial by 7.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider’s stock valued at $5,326,000 after buying an additional 23,117 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Provident Financial by 25.9% during the 4th quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 5,445 shares in the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Company Profile

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.