Provident Financial Holdings (NASDAQ:PROV) declared that its board has initiated a share buyback program, which authorizes the company to buyback 390,000 shares on Monday, June 19th, EventVestor reports. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Separately, Hovde Group assumed coverage on shares of Provident Financial Holdings in a research report on Tuesday, April 11th. They set a “market perform” rating and a $20.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $19.50.

Provident Financial Holdings (PROV) traded down 1.307% during trading on Tuesday, reaching $19.255. 1,653 shares of the company were exchanged. The firm’s 50-day moving average is $19.20 and its 200 day moving average is $19.15. The company has a market capitalization of $151.94 million, a P/E ratio of 23.032 and a beta of 0.04. Provident Financial Holdings has a one year low of $17.25 and a one year high of $20.66.

Provident Financial Holdings (NASDAQ:PROV) last announced its earnings results on Thursday, April 27th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.02. Provident Financial Holdings had a net margin of 8.85% and a return on equity of 5.12%. The company had revenue of $15.44 million for the quarter, compared to the consensus estimate of $16.79 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, analysts anticipate that Provident Financial Holdings will post $0.70 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Friday, May 19th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $0.52 annualized dividend and a yield of 2.67%. Provident Financial Holdings’s payout ratio is presently 62.65%.

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Provident Financial Holdings Company Profile

Provident Financial Holdings, Inc is the holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Company operates through two segments: Provident Bank and Provident Bank Mortgage (PBM). The Bank’s operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family loans, multi-family loans, commercial real estate loans, construction loans, commercial business loans, consumer loans and other mortgage loans.

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