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

Equities researchers at StockNews.com initiated coverage on shares of Provident Financial (NASDAQ:PROV - Get Free Report) in a research report issued on Saturday. The firm set a "hold" rating on the financial services provider's stock.

Separately, Piper Sandler cut their price objective on shares of Provident Financial from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, January 29th.

Provident Financial Price Performance

Shares of NASDAQ:PROV traded down $0.43 during midday trading on Friday, hitting $13.78. 3,395 shares of the stock were exchanged, compared to its average volume of 7,436. The stock has a market cap of $92.17 million, a P/E ratio of 15.14 and a beta of 0.19. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.91. Provident Financial has a twelve month low of $12.01 and a twelve month high of $16.70. The company has a 50 day moving average price of $14.56 and a 200-day moving average price of $15.29.

Provident Financial (NASDAQ:PROV - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). Provident Financial had a return on equity of 4.81% and a net margin of 10.39%. During the same period last year, the company posted $0.31 EPS. On average, research analysts forecast that Provident Financial will post 0.9 earnings per share for the current year.

Institutional Investors Weigh In On Provident Financial

Institutional investors have recently bought and sold shares of the stock. Northern Trust Corp grew its stake in Provident Financial by 25.9% during 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. Empowered Funds LLC grew its stake in Provident Financial by 5.1% during the fourth quarter. Empowered Funds LLC now owns 26,964 shares of the financial services provider's stock worth $429,000 after buying an additional 1,307 shares during the period. Black Maple Capital Management LP grew its stake in 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 worth $495,000 after buying an additional 2,557 shares during the period. Fourthstone LLC grew its stake in Provident Financial by 30.5% during the fourth quarter. Fourthstone LLC now owns 90,080 shares of the financial services provider's stock worth $1,433,000 after buying an additional 21,030 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Provident Financial by 7.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider's stock worth $5,326,000 after buying an additional 23,117 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

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.