Provident Financial (NASDAQ:PROV) Releases Quarterly Earnings Results

Provident Financial (NASDAQ:PROV) released its quarterly earnings data on Tuesday. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.08), Zacks reports. The business had revenue of $14.87 million for the quarter, compared to the consensus estimate of $10.10 million. Provident Financial had a net margin of 10.04% and a return on equity of 4.69%.

Provident Financial Stock Performance

NASDAQ:PROV opened at $16.11 on Wednesday. The stock has a 50 day simple moving average of $15.79 and a 200 day simple moving average of $15.62. The stock has a market cap of $104.23 million, a P/E ratio of 17.90 and a beta of 0.31. Provident Financial has a 1-year low of $12.98 and a 1-year high of $16.35. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.66.

Provident Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, February 12th. This represents a $0.56 annualized dividend and a yield of 3.5%. Provident Financial’s dividend payout ratio (DPR) is 62.22%.

Insider Activity

In other Provident Financial news, SVP Gwendolyn Wertz sold 4,800 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $15.64, for a total value of $75,072.00. Following the completion of the sale, the senior vice president owned 20,537 shares of the company’s stock, valued at $321,198.68. The trade was a 18.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 11.49% of the company’s stock.

Institutional Investors Weigh In On Provident Financial

A hedge fund recently bought a new stake in Provident Financial stock. Susquehanna International Group LLP bought a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 17,357 shares of the financial services provider’s stock, valued at approximately $273,000. Susquehanna International Group LLP owned approximately 0.27% of Provident Financial as of its most recent filing with the SEC. Institutional investors own 71.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PROV shares. Zacks Research upgraded shares of Provident Financial from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a report on Thursday, January 22nd. Finally, Piper Sandler reduced their price target on Provident Financial from $16.50 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Provident Financial currently has an average rating of “Hold” and an average target price of $16.00.

About Provident Financial

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.