Basswood Capital Management L.L.C. Invests $9.79 Million in Provident Financial Holdings, Inc. $PROV

Basswood Capital Management L.L.C. purchased a new position in Provident Financial Holdings, Inc. (NASDAQ:PROV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 414,090 shares of the financial services provider’s stock, valued at approximately $9,789,000. Basswood Capital Management L.L.C. owned 6.63% of Provident Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PROV. BlackRock Inc. purchased a new stake in Provident Financial in the 2nd quarter valued at about $454,936,000. Raffles Associates LP bought a new position in Provident Financial in the 2nd quarter worth about $6,727,000. The Manufacturers Life Insurance Company bought a new position in Provident Financial in the 2nd quarter worth about $5,224,000. Legal & General Group Plc purchased a new position in shares of Provident Financial during the second quarter worth approximately $7,023,000. Finally, Jupiter Topco LLC purchased a new position in shares of Provident Financial during the second quarter worth approximately $3,518,000. Institutional investors own 71.34% of the company’s stock.

Provident Financial Stock Up 0.2%

Shares of Provident Financial stock opened at $18.34 on Thursday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. Provident Financial Holdings, Inc. has a 1 year low of $14.95 and a 1 year high of $18.50. The firm’s 50-day moving average is $17.51 and its two-hundred day moving average is $16.93. The stock has a market cap of $114.62 million, a price-to-earnings ratio of 17.81 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Provident Financial had a net margin of 11.16% and a return on equity of 5.22%. The business had revenue of $15.22 million during the quarter, compared to analyst estimates of $10.00 million. As a group, research analysts expect that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current fiscal year.

Provident Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PROV shares. Zacks Research upgraded Provident Financial to a “hold” rating in a report on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Finally, Piper Sandler raised their price objective on Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.00.

Insider Transactions at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 6,175 shares of the company’s stock, valued at $105,716. The trade was a 30.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 4,744 shares of company stock worth $81,076 over the last 90 days. Company insiders own 11.49% of the company’s stock.

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.