Provident Financial (NASDAQ:PROV) Raised to Hold at Wall Street Zen

Provident Financial (NASDAQ:PROV) was upgraded by Wall Street Zen to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on PROV. Piper Sandler upped their target price on shares of Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Zacks Research raised shares of Provident Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 26th. Finally, Weiss Ratings upgraded shares of Provident Financial from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, September 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Provident Financial currently has a consensus rating of “Hold” and an average price target of $18.00.

Provident Financial Price Performance

Shares of NASDAQ PROV opened at $18.31 on Friday. The firm’s 50-day simple moving average is $18.23 and its 200 day simple moving average is $17.38. The company has a market cap of $114.07 million, a price-to-earnings ratio of 17.78 and a beta of 0.32. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.24. Provident Financial has a 12-month low of $14.95 and a 12-month high of $18.99.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $10.59 million during the quarter, compared to analysts’ expectations of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.23%. On average, research analysts expect that Provident Financial will post 1.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PROV. Public Employees Retirement System of Ohio bought a new position in shares of Provident Financial in the 2nd quarter valued at about $37,000. Empowered Funds LLC raised its stake in shares of Provident Financial by 7.6% during the first quarter. Empowered Funds LLC now owns 33,854 shares of the financial services provider’s stock worth $546,000 after buying an additional 2,400 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Provident Financial during the second quarter worth approximately $190,000. Susquehanna International Group LLP lifted its holdings in Provident Financial by 73.9% in the second quarter. Susquehanna International Group LLP now owns 32,363 shares of the financial services provider’s stock valued at $557,000 after buying an additional 13,756 shares during the period. Finally, BlackRock Inc. acquired a new position in Provident Financial in the second quarter valued at approximately $4,844,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Company Profile

Provident Financial Holdings, Inc is the holding company for Provident Savings Bank, FSB, a community-oriented financial institution headquartered in Riverside, California. Through its banking subsidiary, the company serves consumers, businesses and real estate professionals primarily in Southern California, including communities in the Inland Empire and surrounding areas.

Provident Savings Bank offers a range of deposit products, including checking, savings, money market and certificate accounts.