Acadian Asset Management LLC Has $2.71 Million Position in Provident Financial Holdings, Inc. (NASDAQ:PROV)
Acadian Asset Management LLC reduced its position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) by 6.1% during the second quarter, Holdings Channel reports. The institutional investor owned 140,572 shares of the financial services provider’s stock after selling 9,175 shares during the period. Acadian Asset Management LLC’s holdings in Provident Financial Holdings were worth $2,705,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Provident Financial Holdings by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 655,392 shares of the financial services provider’s stock worth $12,223,000 after buying an additional 12,769 shares in the last quarter. Renaissance Technologies LLC increased its position in Provident Financial Holdings by 4.2% in the first quarter. Renaissance Technologies LLC now owns 356,600 shares of the financial services provider’s stock worth $6,651,000 after buying an additional 14,300 shares in the last quarter. State Street Corp increased its position in Provident Financial Holdings by 28.4% in the fourth quarter. State Street Corp now owns 82,420 shares of the financial services provider’s stock worth $1,667,000 after buying an additional 18,207 shares in the last quarter. Bank of New York Mellon Corp increased its position in Provident Financial Holdings by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 59,064 shares of the financial services provider’s stock worth $1,102,000 after buying an additional 1,702 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Provident Financial Holdings during the fourth quarter worth $760,000. Hedge funds and other institutional investors own 58.03% of the company’s stock.
Provident Financial Holdings, Inc. (NASDAQ PROV) traded up 0.31% on Friday, reaching $19.18. The company’s stock had a trading volume of 8,902 shares. The firm’s 50-day moving average price is $19.25 and its 200 day moving average price is $18.96. Provident Financial Holdings, Inc. has a 52-week low of $17.67 and a 52-week high of $20.66. The company has a market cap of $147.95 million and a P/E ratio of 29.97.
Provident Financial Holdings (NASDAQ:PROV) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.12 EPS for the quarter, missing the consensus estimate of $0.18 by $0.06. The company had revenue of $15.86 million during the quarter, compared to analysts’ expectations of $18.20 million. Provident Financial Holdings had a return on equity of 3.93% and a net margin of 7.11%. During the same period last year, the company earned $0.31 earnings per share. Equities analysts anticipate that Provident Financial Holdings, Inc. will post $0.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Monday, August 21st will be paid a $0.14 dividend. The ex-dividend date is Thursday, August 17th. This is an increase from Provident Financial Holdings’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 2.92%. Provident Financial Holdings’s dividend payout ratio is 81.25%.
Provident Financial Holdings announced that its Board of Directors has approved a share buyback plan on Monday, June 19th that allows the company to buyback 390,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Separately, Hovde Group initiated coverage on Provident Financial Holdings in a research note on Tuesday, April 11th. They issued a “market perform” rating and a $20.00 price target for the company.
In other news, Director Debbi Guthrie sold 5,600 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $19.10, for a total value of $106,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.71% of the company’s stock.
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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