Provident Financial (NASDAQ:PROV) Announces Quarterly Earnings Results

Provident Financial (NASDAQ:PROV) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08), Zacks reports. The firm had revenue of $14.57 million during the quarter, compared to analyst estimates of $10.10 million. Provident Financial had a net margin of 10.97% and a return on equity of 5.14%.

Provident Financial Price Performance

Shares of PROV stock traded up $0.07 during midday trading on Thursday, reaching $17.27. 760 shares of the company were exchanged, compared to its average volume of 8,136. The company’s 50 day moving average price is $16.42 and its two-hundred day moving average price is $16.01. The company has a market cap of $110.18 million, a P/E ratio of 17.44 and a beta of 0.29. Provident Financial has a 12 month low of $14.85 and a 12 month high of $17.42. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.24 and a current ratio of 1.24.

Provident Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 14th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Thursday, May 14th. Provident Financial’s payout ratio is 56.57%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research report on Tuesday, April 21st. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PROV. Susquehanna International Group LLP bought a new stake in Provident Financial during the third quarter worth approximately $273,000. Empowered Funds LLC increased its position in shares of Provident Financial by 7.9% during the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after purchasing an additional 2,120 shares during the period. Federated Hermes Inc. increased 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 purchasing an additional 3,459 shares during the period. Bridgeway Capital Management LLC raised its stake in shares of Provident Financial by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after buying an additional 1,834 shares in the last quarter. Finally, Fourthstone LLC lifted its holdings in shares of Provident Financial by 52.6% in the fourth quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock valued at $5,603,000 after buying an additional 121,329 shares during the period. Institutional investors and hedge funds own 71.34% 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.