JPMorgan Chase & Co. cut its stake in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) by 10.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 56,106 shares of the financial services provider’s stock after selling 6,862 shares during the period. JPMorgan Chase & Co.’s holdings in Provident Financial Holdings were worth $1,046,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of PROV. Renaissance Technologies LLC boosted its stake in Provident Financial Holdings by 7.1% in the fourth quarter. Renaissance Technologies LLC now owns 342,300 shares of the financial services provider’s stock worth $6,921,000 after buying an additional 22,600 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Provident Financial Holdings during the fourth quarter worth $760,000. State Street Corp boosted its stake in Provident Financial Holdings by 28.4% in the fourth quarter. State Street Corp now owns 82,420 shares of the financial services provider’s stock worth $1,667,000 after buying an additional 18,207 shares during the last quarter. Teachers Advisors LLC boosted its stake in Provident Financial Holdings by 12.4% in the fourth quarter. Teachers Advisors LLC now owns 11,558 shares of the financial services provider’s stock worth $234,000 after buying an additional 1,271 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Provident Financial Holdings by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 642,623 shares of the financial services provider’s stock worth $12,994,000 after buying an additional 7,449 shares during the last quarter. 60.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) opened at 19.05 on Monday. The firm’s 50-day moving average is $19.34 and its 200-day moving average is $19.01. The firm has a market cap of $150.32 million and a PE ratio of 22.79. Provident Financial Holdings, Inc. has a 12-month low of $17.67 and a 12-month high of $20.66.
Provident Financial Holdings (NASDAQ:PROV) last posted its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.02. The firm had revenue of $15.44 million for the quarter, compared to analyst estimates of $16.79 million. Provident Financial Holdings had a net margin of 8.85% and a return on equity of 5.12%. During the same period in the prior year, the company posted $0.18 earnings per share. Equities analysts expect that Provident Financial Holdings, Inc. will post $0.70 earnings per share for the current fiscal year.
Provident Financial Holdings announced that its board has initiated a stock buyback plan on Monday, June 19th that permits the company to buyback 390,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Separately, Hovde Group began coverage on shares of Provident Financial Holdings in a report on Tuesday, April 11th. They set a “market perform” rating and a $20.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.50.
In related news, Director Debbi Guthrie sold 5,600 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $19.10, for a total transaction of $106,960.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 15.71% of the company’s stock.
Provident Financial Holdings Company Profile
Provident Financial Holdings, Inc is the holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Company operates through two segments: Provident Bank and Provident Bank Mortgage (PBM). The Bank’s operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family loans, multi-family loans, commercial real estate loans, construction loans, commercial business loans, consumer loans and other mortgage loans.
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