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

StockNews.com assumed coverage on shares of Provident Financial (NASDAQ:PROV) in a report published on Thursday morning. The firm issued a hold rating on the financial services provider’s stock.

Separately, Piper Sandler dropped their price objective on Provident Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th.

Provident Financial Stock Performance

Provident Financial stock opened at $13.95 on Thursday. The stock has a market cap of $93.34 million, a P/E ratio of 15.33 and a beta of 0.35. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.25 and a current ratio of 1.25. Provident Financial has a fifty-two week low of $12.01 and a fifty-two week high of $16.70. The firm’s fifty day moving average price is $15.07 and its 200-day moving average price is $15.33.

Provident Financial (NASDAQ:PROV) last posted its quarterly 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 previous year, the company earned $0.31 EPS. On average, equities research analysts expect that Provident Financial will post 0.9 earnings per share for the current fiscal year.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Thursday, February 13th were paid a $0.14 dividend. The ex-dividend date was Thursday, February 13th. This represents a $0.56 annualized dividend and a dividend yield of 4.01%. Provident Financial’s dividend payout ratio is presently 61.54%.

Institutional Investors Weigh In On Provident Financial

Several institutional investors have recently modified their holdings of the business. Empowered Funds LLC raised its position in Provident Financial by 5.1% in the fourth quarter. Empowered Funds LLC now owns 26,964 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 1,307 shares during the period. Fourthstone LLC raised its holdings in Provident Financial by 30.5% in the 4th quarter. Fourthstone LLC now owns 90,080 shares of the financial services provider’s stock worth $1,433,000 after purchasing an additional 21,030 shares during the period. Dimensional Fund Advisors LP raised its holdings in Provident Financial by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 486,296 shares of the financial services provider’s stock worth $7,737,000 after purchasing an additional 1,342 shares during the period. The Manufacturers Life Insurance Company lifted its position in Provident Financial by 7.4% during 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 purchasing an additional 23,117 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Provident Financial by 25.9% during the fourth quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 5,445 shares during the period. 71.34% of the stock is owned by hedge funds and other institutional investors.

About Provident Financial

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.