Provident Financial (NASDAQ:PROV) Raised to Hold at Zacks Research

Provident Financial (NASDAQ:PROV) was upgraded by equities research analysts at Zacks Research to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

PROV has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research report on Tuesday, April 21st. Piper Sandler started coverage on Provident Financial in a research note on Friday, June 26th. They set a “neutral” rating and a $17.00 price objective on the stock. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.00.

Provident Financial Stock Down 0.1%

Shares of PROV opened at $17.20 on Monday. Provident Financial has a 1 year low of $14.95 and a 1 year high of $17.42. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a 50 day simple moving average of $17.05 and a two-hundred day simple moving average of $16.49. The firm has a market cap of $107.57 million, a P/E ratio of 18.70 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). The business had revenue of $14.57 million for the quarter, compared to analysts’ expectations of $10.10 million. Provident Financial had a return on equity of 4.77% and a net margin of 10.27%. On average, analysts forecast that Provident Financial will post 0.96 earnings per share for the current fiscal year.

Insider Activity at Provident Financial

In related news, SVP David Weiant sold 2,732 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total transaction of $46,771.84. Following the completion of the sale, the senior vice president directly owned 6,175 shares in the company, valued at $105,716. This represents a 30.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 4,744 shares of company stock valued at $81,076 over the last quarter. 11.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Provident Financial

Hedge funds have recently modified their holdings of the company. Empowered Funds LLC raised its stake in shares of Provident Financial by 7.9% during the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 2,120 shares during the last quarter. Susquehanna International Group LLP bought a new stake in shares of Provident Financial in the third quarter worth about $273,000. Federated Hermes Inc. increased its holdings in Provident Financial by 13.2% during the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock valued at $472,000 after purchasing an additional 3,459 shares during the period. Fourthstone LLC increased its holdings in Provident Financial by 52.6% during the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock valued at $5,603,000 after purchasing an additional 121,329 shares during the period. Finally, Bridgeway Capital Management LLC raised its position in Provident Financial by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock valued at $1,060,000 after purchasing an additional 1,834 shares during the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

About Provident Financial

Provident Financial Services, Inc (NASDAQ: PROV) is a bank holding company headquartered in Jersey City, New Jersey, that conducts its operations through its wholly owned subsidiary, Provident Bank. With origins dating back to 1839, the company has grown into a full-service financial institution offering a broad spectrum of products and services to individuals, small businesses and commercial clients.

The company’s principal business activities include retail banking, commercial lending, mortgage finance and wealth management.