StockNews.com Initiates Coverage on Provident Financial (NASDAQ:PROV)

Equities research analysts at StockNews.com initiated coverage on shares of Provident Financial (NASDAQ:PROV) in a research report issued to clients and investors on Monday. The brokerage set a “hold” rating on the financial services provider’s stock.

Separately, Piper Sandler decreased their price target on shares of Provident Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th.

Provident Financial Trading Up 0.6 %

Shares of PROV stock opened at $14.54 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.91. The stock has a 50-day simple moving average of $15.50 and a 200 day simple moving average of $15.34. Provident Financial has a fifty-two week low of $12.01 and a fifty-two week high of $16.70. The stock has a market capitalization of $97.25 million, a P/E ratio of 15.97 and a beta of 0.35.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.13). Provident Financial had a net margin of 10.39% and a return on equity of 4.81%. During the same quarter in the prior year, the business posted $0.31 EPS. On average, sell-side analysts expect that Provident Financial will post 0.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Provident Financial

Several hedge funds have recently made changes to their positions in the company. Empowered Funds LLC grew its position in Provident Financial by 4.9% during the 3rd quarter. Empowered Funds LLC now owns 25,657 shares of the financial services provider’s stock worth $368,000 after purchasing an additional 1,206 shares in the last quarter. Northern Trust Corp boosted its position in shares of Provident Financial by 25.9% in the fourth quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider’s stock worth $421,000 after buying an additional 5,445 shares during the period. Black Maple Capital Management LP grew its holdings in shares of Provident Financial by 8.9% during the fourth quarter. Black Maple Capital Management LP now owns 31,128 shares of the financial services provider’s stock valued at $495,000 after buying an additional 2,557 shares in the last quarter. Fourthstone LLC acquired a new position in Provident Financial during the third quarter valued at $991,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Provident Financial by 7.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider’s stock worth $5,326,000 after acquiring an additional 23,117 shares in the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Provident Financial Company Profile

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.