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

StockNews.com initiated coverage on shares of Provident Financial (NASDAQ:PROV) in a research report sent to investors on Thursday. The firm issued a hold rating on the financial services provider’s stock.

Separately, Piper Sandler cut their price target on shares of Provident Financial from $15.00 to $14.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st.

Provident Financial Trading Down 0.3 %

Shares of Provident Financial stock opened at $12.50 on Thursday. Provident Financial has a fifty-two week low of $10.16 and a fifty-two week high of $15.40. The business’s fifty day moving average is $12.64 and its two-hundred day moving average is $13.30. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.81. The firm has a market cap of $85.98 million, a PE ratio of 12.02 and a beta of 0.41.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). Provident Financial had a return on equity of 5.56% and a net margin of 12.57%. The business had revenue of $9.41 million during the quarter, compared to analyst estimates of $9.72 million. Analysts anticipate that Provident Financial will post 0.99 earnings per share for the current year.

Provident Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date was Wednesday, May 15th. Provident Financial’s payout ratio is currently 53.85%.

Institutional Investors Weigh In On Provident Financial

A hedge fund recently raised its stake in Provident Financial stock. Empowered Funds LLC raised its stake in Provident Financial Holdings, Inc. (NASDAQ:PROV) by 7.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,831 shares of the financial services provider’s stock after purchasing an additional 1,575 shares during the quarter. Empowered Funds LLC owned about 0.33% of Provident Financial worth $305,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

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.