Provident Financial (NASDAQ:PROV) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Provident Financial from “hold” to “strong buy.” The broader analyst consensus is “Moderate Buy,” with an average price target of $18.00.
• Provident Financial reported quarterly EPS of $0.35, exceeding the $0.29 consensus estimate, while revenue of $15.22 million also surpassed expectations of $10.00 million.
• PROV shares opened at $18.32, near their 52-week high of $18.54. Institutional investors own 71.34% of the stock, while insiders have sold 4,744 shares worth approximately $81,076 over the past 90 days.

Provident Financial (NASDAQ:PROV - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

Several other equities analysts also recently weighed in on PROV. Piper Sandler increased their target price on Provident Financial from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Provident Financial in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Provident Financial Stock Down 0.1%

Shares of NASDAQ PROV opened at $18.32 on Wednesday. The firm has a market cap of $114.57 million, a P/E ratio of 17.79 and a beta of 0.33. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.20 and a current ratio of 1.20. Provident Financial has a 1 year low of $14.95 and a 1 year high of $18.54. The firm's 50 day moving average price is $17.54 and its 200 day moving average price is $16.95.

Provident Financial (NASDAQ:PROV - Get Free Report) last issued its quarterly earnings results 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. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%.The company had revenue of $15.22 million during the quarter, compared to the consensus estimate of $10.00 million. As a group, sell-side analysts anticipate that Provident Financial will post 1.22 earnings per share for the current year.

Insiders Place Their Bets

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the business's stock in a transaction dated Wednesday, June 10th. The stock was 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 owned 6,175 shares of the company's stock, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 4,744 shares of company stock valued at $81,076 in the last 90 days. 11.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Provident Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in PROV. Public Employees Retirement System of Ohio acquired a new position in shares of Provident Financial in the 2nd quarter valued at about $37,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Provident Financial during the 2nd quarter worth about $63,000. Bank of New York Mellon Corp acquired a new stake in Provident Financial during the 2nd quarter worth approximately $190,000. Allworth Financial LP acquired a new stake in Provident Financial during the 2nd quarter worth approximately $203,000. Finally, Susquehanna International Group LLP purchased a new position in Provident Financial in the third quarter valued at approximately $273,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Provident Financial Company Profile

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.

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