Piper Sandler Upgrades Provident Financial (NASDAQ:PROV) to Neutral

Provident Financial (NASDAQ:PROV - Get Free Report) was upgraded by equities researchers at Piper Sandler to a "neutral" rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage currently has a $16.50 price objective on the financial services provider's stock. Piper Sandler's target price would indicate a potential upside of 7.56% from the stock's previous close.

Separately, Wall Street Zen initiated coverage on shares of Provident Financial in a research report on Wednesday, May 21st. They set a "hold" rating for the company.

Provident Financial Price Performance

Shares of NASDAQ PROV traded down $0.11 during trading hours on Monday, hitting $15.34. 12,068 shares of the stock were exchanged, compared to its average volume of 7,587. The company's fifty day simple moving average is $15.41 and its two-hundred day simple moving average is $15.14. The company has a market cap of $102.62 million, a PE ratio of 15.82 and a beta of 0.34. Provident Financial has a 1-year low of $12.41 and a 1-year high of $16.70. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.22 and a current ratio of 1.22.

Provident Financial (NASDAQ:PROV - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. Provident Financial had a return on equity of 5.09% and a net margin of 10.87%. The business had revenue of $10.12 million for the quarter, compared to analyst estimates of $9.86 million. On average, sell-side analysts predict that Provident Financial will post 0.9 EPS for the current year.

Insider Transactions at Provident Financial

In other Provident Financial news, SVP Gwendolyn Wertz sold 1,940 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.40, for a total value of $29,876.00. Following the completion of the transaction, the senior vice president directly owned 25,337 shares in the company, valued at approximately $390,189.80. This represents a 7.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its stake in shares of Provident Financial by 25.9% in the fourth quarter. Northern Trust Corp now owns 26,464 shares of the financial services provider's stock worth $421,000 after acquiring an additional 5,445 shares during the period. Empowered Funds LLC boosted its stake in shares of Provident Financial by 7.9% in the 1st quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider's stock valued at $424,000 after purchasing an additional 2,120 shares during the last quarter. Black Maple Capital Management LP boosted its stake in shares of Provident Financial by 8.9% in the 4th quarter. Black Maple Capital Management LP now owns 31,128 shares of the financial services provider's stock valued at $495,000 after purchasing an additional 2,557 shares during the last quarter. Fourthstone LLC increased its position in shares of 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 boosted its position 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 valued at $5,326,000 after acquiring an additional 23,117 shares during the last quarter. 71.34% of the stock is owned by institutional investors.

About Provident Financial

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.