Provident Financial (NASDAQ:PROV) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Provident Financial (NASDAQ:PROV - Free Report) in a research report released on Saturday morning. The firm issued a hold rating on the financial services provider's stock.

Separately, Piper Sandler dropped their price target on Provident Financial from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 29th.

Provident Financial Stock Up 0.5 %

Shares of PROV traded up $0.08 during mid-day trading on Friday, reaching $15.59. The company's stock had a trading volume of 2,368 shares, compared to its average volume of 4,362. The company's 50 day moving average is $15.78 and its 200 day moving average is $15.16. The stock has a market cap of $104.30 million, a PE ratio of 17.13 and a beta of 0.39. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.25 and a quick ratio of 1.25. Provident Financial has a 12-month low of $12.01 and a 12-month high of $16.70.

Provident Financial (NASDAQ:PROV - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). Provident Financial had a return on equity of 4.81% and a net margin of 10.39%. During the same period in the previous year, the company posted $0.31 EPS. Equities analysts anticipate that Provident Financial will post 0.9 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Thursday, February 13th will be paid a $0.14 dividend. The ex-dividend date is Thursday, February 13th. This represents a $0.56 annualized dividend and a dividend yield of 3.59%. Provident Financial's dividend payout ratio (DPR) is currently 61.54%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Empowered Funds LLC grew its stake in shares of Provident Financial by 4.9% in the 3rd quarter. Empowered Funds LLC now owns 25,657 shares of the financial services provider's stock valued at $368,000 after purchasing an additional 1,206 shares during the last quarter. Northern Trust Corp grew its stake in shares of Provident Financial by 25.9% in the 4th quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider's stock valued at $421,000 after purchasing an additional 5,445 shares during the last quarter. Black Maple Capital Management LP grew its stake in shares of Provident Financial by 8.9% in the 4th quarter. Black Maple Capital Management LP now owns 31,128 shares of the financial services provider's stock valued at $495,000 after purchasing an additional 2,557 shares during the last quarter. Fourthstone LLC acquired a new stake in shares of Provident Financial in the 3rd quarter valued at approximately $991,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Provident Financial by 7.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider's stock valued at $5,326,000 after buying an additional 23,117 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

About Provident Financial

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.