Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders
The common stock of Provident Financial Holdings, Inc. is listed on the NASDAQ Global Select Market under the symbol “PROV.” At August 15, 2024, there were 400 shareholders of record, and there were approximately 1,917 persons or entities that hold stock in nominee or “street name” accounts with brokers.
Dividends
The Corporation’s cash dividend payout policy is reviewed regularly by management and the Board of Directors. The Board of Directors has declared quarterly cash dividends on the Corporation’s common stock for consecutive quarters since September 30, 2002. On April 25, 2024, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date of May 16, 2024 and the dividend was paid on June 6, 2024. Future declarations or payments of dividends will be subject to the consideration of the Corporation’s Board of Directors, which will take into account the Corporation’s financial condition, results of operations, tax considerations, capital requirements, industry standards, legal restrictions, economic conditions and other factors, including the regulatory restrictions which affect the payment of dividends by the Bank to the Corporation. Under Delaware law, dividends may be paid either out of surplus or, if there is no surplus, out of net profits for the current fiscal year and/or the preceding fiscal year in which the dividend is declared. No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in future periods. Dividends on common stock from Provident depend substantially upon receipt of dividends from the Bank, which is Provident’s predominant source of income. Management’s projections show an expectation that cash dividends will continue for the foreseeable future.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On September 28, 2023, the Board approved a stock repurchase plan, authorizing the purchase of up to 350,353 shares of the Corporation’s outstanding common stock over a one-year period. Simultaneously, the Board canceled the remaining 25,428 shares available for purchase under the prior repurchase plan. The Corporation may purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Corporation, and available cash that can be allocated to the stock repurchase program, among other considerations. The September 2023 stock repurchase plan terminates on September 28, 2024, unless completed sooner or extended.
The table below sets forth information regarding the Corporation’s purchases of its common stock during the fourth quarter of fiscal 2024.
Maximum
Total Number of
Number of Shares
Shares Purchased as
that May Yet Be
Total Number of
Average Price
Part of Publicly
Purchased Under
Period
Shares Purchased
Paid per Share
Announced Plan
the Plan (1)
April 1, 2024 – April 30, 2024
18,351
$
13.52
18,351
219,241
May 1, 2024 – May 31, 2024
18,494
$
12.71
18,494
200,747
June 1, 2024 – June 30, 2024
11,631
$
12.64
11,631
189,116
Total
48,476
$
13.00
48,476
189,116
(1) Represents the remaining shares available for future purchases under the September 2023 stock repurchase plan.
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Performance Graph
The following graph compares the cumulative total shareholder return on the Corporation’s common stock with the cumulative total return of the Nasdaq Stock Index (U.S. Stock) and Nasdaq Bank Index. Total return assumes the reinvestment of all dividends.
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
6/30/2024
PROV
$
100.00
$
65.88
$
88.15
$
78.33
$
70.14
$
71.83
NASDAQ Stock Index
$
100.00
$
106.96
$
154.52
$
132.54
$
157.83
$
195.09
NASDAQ Bank Index
$
100.00
$
77.27
$
133.59
$
109.09
$
105.72
$
144.54
(1) Assumes that the value of the investment in the Corporation’s common stock and each index was $100 on June 30, 2019 and that all dividends were reinvested.
Securities Authorized for Issuance under Equity Compensation Plans
See Part III, Item 12 of this Form 10-K for information regarding the Corporation’s Equity Compensation Plans, which is incorporated into this Item 5 by reference.
Item 6. [Reserved]
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