FIG Partners Comments on Provident Financial Holdings, Inc.’s Q1 2018 Earnings (PROV)
Provident Financial Holdings, Inc. (NASDAQ:PROV) – Equities researchers at FIG Partners reduced their Q1 2018 earnings per share estimates for shares of Provident Financial Holdings in a research note issued on Tuesday. FIG Partners analyst T. Coffey now expects that the financial services provider will earn $0.03 per share for the quarter, down from their prior forecast of $0.24.
Provident Financial Holdings (NASDAQ:PROV) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.06). The firm had revenue of $15.86 million during the quarter, compared to the consensus estimate of $18.20 million. Provident Financial Holdings had a net margin of 7.11% and a return on equity of 3.96%. During the same quarter in the previous year, the firm earned $0.31 earnings per share.
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Shares of Provident Financial Holdings (PROV) opened at 19.62 on Thursday. Provident Financial Holdings has a 52 week low of $17.62 and a 52 week high of $20.66. The firm has a 50 day moving average price of $19.20 and a 200 day moving average price of $19.06. The company has a market capitalization of $150.98 million, a price-to-earnings ratio of 30.66 and a beta of -0.02.
The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Monday, August 21st were paid a $0.14 dividend. This is an increase from Provident Financial Holdings’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Thursday, August 17th. Provident Financial Holdings’s dividend payout ratio (DPR) is 87.50%.
Provident Financial Holdings declared that its board has initiated a share buyback program on Monday, June 19th that permits the company to repurchase 390,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in shares of Provident Financial Holdings by 4.2% in the 1st 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 during the last quarter. Cigna Investments Inc. New purchased a new position in shares of Provident Financial Holdings in the 2nd quarter worth $236,000. Teachers Advisors LLC boosted its stake in shares of Provident Financial Holdings by 12.4% in the 4th quarter. Teachers Advisors LLC now owns 11,558 shares of the financial services provider’s stock worth $234,000 after buying an additional 1,271 shares during the last quarter. First Quadrant L P CA boosted its stake in shares of Provident Financial Holdings by 26.1% in the 2nd quarter. First Quadrant L P CA now owns 20,199 shares of the financial services provider’s stock worth $389,000 after buying an additional 4,180 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Provident Financial Holdings by 3.0% in the 1st 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 during the last quarter. Hedge funds and other institutional investors own 59.91% 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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