Provident Financial (NASDAQ:PROV) Receives New Coverage from Analysts at StockNews.com

StockNews.com started coverage on shares of Provident Financial (NASDAQ:PROV) in a research note published on Thursday morning. The firm issued a hold rating on the financial services provider’s stock.

Separately, TheStreet lowered shares of Provident Financial from a b- rating to a c+ rating in a research report on Monday, October 23rd.

Provident Financial Price Performance

PROV stock opened at $11.21 on Thursday. The company has a market capitalization of $78.36 million, a P/E ratio of 9.58 and a beta of 0.53. Provident Financial has a 52-week low of $10.16 and a 52-week high of $14.98. The business has a 50-day simple moving average of $12.29 and a two-hundred day simple moving average of $12.77. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.20 and a current ratio of 1.20.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). Provident Financial had a return on equity of 6.39% and a net margin of 15.52%. The company had revenue of $14.09 million for the quarter, compared to the consensus estimate of $10.10 million. During the same quarter last year, the company posted $0.29 EPS. Research analysts expect that Provident Financial will post 1.05 EPS for the current fiscal year.

Provident Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Thursday, November 16th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.56 dividend on an annualized basis and a yield of 5.00%. Provident Financial’s dividend payout ratio (DPR) is currently 47.86%.

Hedge Funds Weigh In On Provident Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in Provident Financial by 49,616.7% in the first quarter. Bank of America Corp DE now owns 5,966 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 5,954 shares during the last quarter. Black Maple Capital Management LP bought a new position in Provident Financial during the second quarter valued at $154,000. Royal Bank of Canada increased its position in Provident Financial by 8.4% in the third quarter. Royal Bank of Canada now owns 15,500 shares of the financial services provider’s stock worth $220,000 after buying an additional 1,200 shares during the last quarter. EA Series Trust purchased a new position in shares of Provident Financial during the 2nd quarter valued at $230,000. Finally, Northern Trust Corp grew its stake in shares of Provident Financial by 10.0% during the 2nd quarter. Northern Trust Corp now owns 18,063 shares of the financial services provider’s stock worth $230,000 after acquiring an additional 1,647 shares during the period. 53.15% of the stock is 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.