Provident Financial (NASDAQ:PROV) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Provident Financial to “hold,” while other analysts issued ratings ranging from “hold” to “strong buy.” MarketBeat reports an overall average rating of “Buy” and an average price target of $18.00.
• Provident Financial reported quarterly EPS of $0.35, exceeding the $0.29 analyst consensus, while revenue of $10.59 million also surpassed estimates of $10.00 million.
• PROV shares opened at $18.31, near their 52-week high of $18.99, and institutional investors own 71.34% of the company’s stock.

Provident Financial (NASDAQ:PROV - Get Free Report) was upgraded by Wall Street Zen to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research firms have also commented on PROV. Piper Sandler upped their price objective on shares of Provident Financial from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Weiss Ratings raised shares of Provident Financial from a "hold (c)" rating to a "buy (b)" rating in a research report on Friday, September 18th. Finally, Zacks Research raised shares of Provident Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $18.00.

Provident Financial Price Performance

Shares of NASDAQ:PROV opened at $18.31 on Friday. Provident Financial has a one year low of $14.95 and a one year high of $18.99. The stock has a fifty day moving average of $18.23 and a 200-day moving average of $17.38. The company has a market capitalization of $114.07 million, a PE ratio of 17.78 and a beta of 0.32. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.17 and a current ratio of 1.17.

Provident Financial (NASDAQ:PROV - Get Free Report) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Provident Financial had a return on equity of 5.23% and a net margin of 11.16%.The company had revenue of $10.59 million for the quarter, compared to analyst estimates of $10.00 million. As a group, equities analysts anticipate that Provident Financial will post 1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Provident Financial

Several hedge funds have recently bought and sold shares of the business. Raffles Associates LP acquired a new position in shares of Provident Financial in the 2nd quarter valued at about $6,727,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Provident Financial during the second quarter worth approximately $5,224,000. BlackRock Inc. acquired a new stake in shares of Provident Financial during the second quarter worth approximately $4,844,000. Empowered Funds LLC purchased a new position in Provident Financial during the second quarter valued at approximately $595,000. Finally, Susquehanna International Group LLP grew its position in Provident Financial by 73.9% during the second quarter. Susquehanna International Group LLP now owns 32,363 shares of the financial services provider's stock valued at $557,000 after purchasing an additional 13,756 shares in the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

About Provident Financial

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.

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