EA Series Trust Purchases New Stake in Provident Financial Holdings, Inc. (NASDAQ:PROV)

Posted by Defense World Staff on Oct 24th, 2023

EA Series Trust acquired a new position in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 17,780 shares of the financial services provider’s stock, valued at approximately $230,000.

Several other large investors also recently added to or reduced their stakes in the stock. Raffles Associates LP raised its holdings in shares of Provident Financial by 2.6% during the 1st quarter. Raffles Associates LP now owns 391,349 shares of the financial services provider’s stock worth $5,334,000 after acquiring an additional 10,000 shares during the period. Bank of America Corp DE raised its stake in Provident Financial by 49,616.7% during the first quarter. Bank of America Corp DE now owns 5,966 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 5,954 shares during the period. Federated Hermes Inc. boosted its holdings in Provident Financial by 19.5% in the 1st quarter. Federated Hermes Inc. now owns 29,511 shares of the financial services provider’s stock valued at $402,000 after purchasing an additional 4,818 shares during the last quarter. Prelude Capital Management LLC purchased a new stake in shares of Provident Financial in the 3rd quarter valued at approximately $251,000. Finally, Royal Bank of Canada increased its holdings in shares of Provident Financial by 8.4% during the 3rd 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. 53.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. StockNews.com began coverage on Provident Financial in a report on Monday. They issued a “hold” rating on the stock. TheStreet raised Provident Financial from a “c+” rating to a “b-” rating in a research report on Tuesday, August 15th.

View Our Latest Stock Report on PROV

Provident Financial Price Performance

Shares of PROV opened at $12.30 on Tuesday. The firm has a 50-day simple moving average of $12.96 and a two-hundred day simple moving average of $13.01. The stock has a market cap of $86.22 million, a PE ratio of 10.17 and a beta of 0.52. Provident Financial Holdings, Inc. has a 1-year low of $11.61 and a 1-year high of $14.98. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.18.

Provident Financial (NASDAQ:PROV – Get Free Report) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.08). The company had revenue of $14.05 million during the quarter, compared to analyst estimates of $10.37 million. Provident Financial had a net margin of 17.16% and a return on equity of 6.64%. During the same quarter last year, the business posted $0.34 EPS. As a group, analysts forecast that Provident Financial Holdings, Inc. will post 1.05 EPS for the current year.

Provident Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Thursday, August 17th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $0.56 annualized dividend and a dividend yield of 4.55%. Provident Financial’s dividend payout ratio is presently 46.28%.

About Provident Financial

(Free Report)

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.