Raffles Associates LP Takes Position in Provident Financial Holdings, Inc. $PROV

Raffles Associates LP purchased a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 391,118 shares of the financial services provider’s stock, valued at approximately $6,727,000. Provident Financial accounts for approximately 6.1% of Raffles Associates LP’s holdings, making the stock its 5th biggest position. Raffles Associates LP owned about 0.06% of Provident Financial at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PROV. Empowered Funds LLC lifted its holdings in Provident Financial by 6.2% in the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock valued at $500,000 after buying an additional 1,834 shares during the period. Bridgeway Capital Management LLC grew its holdings in Provident Financial by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after acquiring an additional 1,834 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in Provident Financial during the 2nd quarter worth $63,000. Federated Hermes Inc. raised its position in shares of Provident Financial by 13.2% during the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock valued at $472,000 after acquiring an additional 3,459 shares during the last quarter. Finally, Allworth Financial LP bought a new stake in shares of Provident Financial during the 2nd quarter valued at $203,000. 71.34% of the stock is owned by institutional investors.

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total value of $46,771.84. Following the sale, the senior vice president directly owned 6,175 shares of the company’s stock, valued at approximately $105,716. The trade was a 30.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 4,744 shares of company stock worth $81,076 in the last quarter. Company insiders own 11.49% of the company’s stock.

Analysts Set New Price Targets

PROV has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a research report on Friday, July 17th. Piper Sandler upped their price objective on Provident Financial from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Finally, Zacks Research raised Provident Financial to a “hold” rating in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Provident Financial Price Performance

Shares of PROV opened at $18.31 on Wednesday. The stock has a 50 day simple moving average of $17.48 and a 200 day simple moving average of $16.92. Provident Financial Holdings, Inc. has a 52-week low of $14.95 and a 52-week high of $18.50. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $114.44 million, a PE ratio of 17.78 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $15.22 million for the quarter, compared to the consensus estimate of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. Sell-side analysts predict that Provident Financial Holdings, Inc. will post 1.22 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.56 annualized dividend and a dividend yield of 3.1%. Provident Financial’s dividend payout ratio is currently 54.37%.

Provident Financial Company Profile

Provident Financial Services, Inc (NASDAQ: PROV) is a bank holding company headquartered in Jersey City, New Jersey, that conducts its operations through its wholly owned subsidiary, Provident Bank. With origins dating back to 1839, the company has grown into a full-service financial institution offering a broad spectrum of products and services to individuals, small businesses and commercial clients.

The company’s principal business activities include retail banking, commercial lending, mortgage finance and wealth management.