Provident Financial (NASDAQ:PROV) Releases Earnings Results, Beats Estimates By $0.06 EPS

Provident Financial (NASDAQ:PROV) issued its earnings results on Tuesday. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06, Zacks reports. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. The firm had revenue of $15.22 million during the quarter, compared to the consensus estimate of $10.00 million.

Provident Financial Stock Performance

PROV traded down $0.28 during trading on Thursday, reaching $17.50. The company’s stock had a trading volume of 3,525 shares, compared to its average volume of 7,407. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The company’s fifty day moving average price is $17.13 and its 200-day moving average price is $16.67. Provident Financial has a 52-week low of $14.95 and a 52-week high of $18.00. The company has a market capitalization of $109.41 million, a price-to-earnings ratio of 17.00 and a beta of 0.33.

Provident Financial Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a yield of 3.2%. Provident Financial’s dividend payout ratio (DPR) is presently 60.87%.

Insider Activity at Provident Financial

In other 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 value of $46,771.84. Following the completion of the sale, the senior vice president directly owned 6,175 shares of the company’s stock, 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 this hyperlink. Over the last ninety days, insiders sold 4,744 shares of company stock valued at $81,076. 11.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On Provident Financial

A number of institutional investors and hedge funds have recently made changes to their positions in PROV. Fourthstone LLC boosted its holdings in Provident Financial by 52.6% during the fourth quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock worth $5,603,000 after buying an additional 121,329 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of 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 valued at $1,060,000 after acquiring an additional 1,834 shares during the last quarter. Empowered Funds LLC increased its position in Provident Financial by 6.2% during the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock worth $500,000 after purchasing an additional 1,834 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Provident Financial by 13.2% in the 4th 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. Finally, Susquehanna International Group LLP purchased a new stake in shares of Provident Financial during the 3rd quarter valued at $273,000. 71.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Zacks Research upgraded Provident Financial to a “hold” rating in a research note on Monday, June 29th. Finally, Piper Sandler began coverage on shares of Provident Financial in a research note on Friday, June 26th. They issued a “neutral” rating and a $17.00 price target on the stock. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.00.

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.