52,636 Shares in Provident Financial Holdings, Inc. $PROV Purchased by Ieq Capital LLC

Ieq Capital LLC acquired a new stake 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 institutional investor acquired 52,636 shares of the financial services provider’s stock, valued at approximately $1,244,000. Ieq Capital LLC owned about 0.84% of Provident Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PROV. Sterling Financial Planning Inc. purchased a new stake in shares of Provident Financial during the second quarter valued at $476,000. Allworth Financial LP bought a new stake in Provident Financial during the 2nd quarter valued at about $203,000. BlackRock Inc. purchased a new stake in Provident Financial in the 2nd quarter valued at about $4,844,000. Deutsche Bank AG purchased a new position in shares of Provident Financial during the second quarter worth approximately $3,251,000. Finally, Perigon Wealth Management LLC bought a new stake in Provident Financial during the 2nd quarter valued at $342,000. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Provident Financial Stock Up 0.2%

PROV stock opened at $18.34 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45. The firm has a 50 day moving average of $17.51 and a 200 day moving average of $16.93. Provident Financial Holdings, Inc. has a 52 week low of $14.95 and a 52 week high of $18.50. The stock has a market capitalization of $114.62 million, a PE ratio of 17.81 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The company 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 forecast that Provident Financial Holdings, Inc. will post 1.22 earnings per share for the current year.

Provident Financial Dividend Announcement

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

Analysts Set New Price Targets

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

Insider Transactions at Provident Financial

In other news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the transaction, the senior vice president directly owned 6,175 shares of the company’s stock, valued at $105,716. This represents a 30.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 4,744 shares of company stock worth $81,076 in the last quarter. Corporate 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.