Provident Financial Holdings, Inc. (NASDAQ:PROV) Sees Large Decline in Short Interest

Provident Financial Holdings, Inc. (NASDAQ:PROV) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 83,900 shares, a decrease of 7.6% from the June 30th total of 90,800 shares. Based on an average trading volume of 22,000 shares, the short-interest ratio is presently 3.8 days. Approximately 1.5% of the shares of the stock are short sold.

Shares of PROV stock traded up $0.48 during trading hours on Friday, hitting $20.83. 3,135 shares of the company’s stock were exchanged, compared to its average volume of 12,832. The stock’s 50-day moving average is $21.03 and its 200-day moving average is $20.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.09 and a quick ratio of 1.06. The stock has a market cap of $155.20 million, a price-to-earnings ratio of 35.91 and a beta of 0.49. Provident Financial has a 52 week low of $14.67 and a 52 week high of $21.81.

Provident Financial (NASDAQ:PROV) last announced its earnings results on Tuesday, July 30th. The financial services provider reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.11. The company had revenue of $10.69 million for the quarter, compared to analysts’ expectations of $11.00 million. Provident Financial had a return on equity of 3.62% and a net margin of 7.76%.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Monday, August 19th. Provident Financial’s payout ratio is presently 96.55%.

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. bought a new stake in shares of Provident Financial during the second quarter worth $302,000. Russell Investments Group Ltd. grew its holdings in shares of Provident Financial by 2.8% during the second quarter. Russell Investments Group Ltd. now owns 20,133 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 545 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Provident Financial by 23.4% during the second quarter. Northern Trust Corp now owns 21,869 shares of the financial services provider’s stock worth $459,000 after purchasing an additional 4,150 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Provident Financial by 52.8% during the second quarter. Bank of New York Mellon Corp now owns 50,622 shares of the financial services provider’s stock worth $1,062,000 after purchasing an additional 17,502 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Provident Financial by 0.9% during the second quarter. Vanguard Group Inc. now owns 287,699 shares of the financial services provider’s stock worth $6,039,000 after purchasing an additional 2,638 shares during the last quarter. Institutional investors own 55.04% of the company’s stock.

A number of brokerages have weighed in on PROV. FIG Partners cut Provident Financial from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. ValuEngine cut Provident Financial from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st.

About Provident Financial

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community and mortgage banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. It operates through two segments, Provident Bank and Provident Bank Mortgage.

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