Provident Financial (NASDAQ:PROV) Research Coverage Started at Piper Sandler

Piper Sandler initiated coverage on shares of Provident Financial (NASDAQ:PROV) in a research note published on Tuesday morning, BenzingaRatingsTable reports. The firm issued a neutral rating and a $23.00 target price on the financial services provider’s stock. Piper Sandler also issued estimates for Provident Financial’s Q3 2020 earnings at $0.35 EPS, Q4 2020 earnings at $0.35 EPS, FY2020 earnings at $1.34 EPS, Q1 2021 earnings at $0.36 EPS, Q2 2021 earnings at $0.36 EPS, Q3 2021 earnings at $0.37 EPS, Q4 2021 earnings at $0.38 EPS and FY2021 earnings at $1.48 EPS.

Separately, Janney Montgomery Scott upgraded shares of Provident Financial from a neutral rating to a buy rating and set a $24.50 price objective on the stock in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Provident Financial currently has a consensus rating of Hold and a consensus price target of $23.50.

PROV stock opened at $22.12 on Tuesday. The firm’s 50-day moving average price is $21.94 and its two-hundred day moving average price is $21.16. Provident Financial has a 12-month low of $18.00 and a 12-month high of $22.99. The stock has a market capitalization of $166.50 million, a price-to-earnings ratio of 30.90 and a beta of 0.54. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 1.06.

Provident Financial (NASDAQ:PROV) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.03). Provident Financial had a net margin of 10.97% and a return on equity of 4.59%. The firm had revenue of $10.98 million during the quarter, compared to analysts’ expectations of $11.10 million. Equities analysts predict that Provident Financial will post 1.34 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 18th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, February 14th. Provident Financial’s dividend payout ratio is currently 96.55%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citigroup Inc. increased its position in shares of Provident Financial by 699.3% during the fourth quarter. Citigroup Inc. now owns 1,175 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,028 shares during the period. Barclays PLC increased its position in shares of Provident Financial by 99.2% during the fourth quarter. Barclays PLC now owns 5,969 shares of the financial services provider’s stock valued at $130,000 after buying an additional 2,972 shares during the period. UBS Group AG increased its position in shares of Provident Financial by 42.3% during the fourth quarter. UBS Group AG now owns 8,216 shares of the financial services provider’s stock valued at $180,000 after buying an additional 2,441 shares during the period. Northern Trust Corp increased its position in shares of Provident Financial by 23.4% during the second quarter. Northern Trust Corp now owns 21,869 shares of the financial services provider’s stock valued at $459,000 after buying an additional 4,150 shares during the period. Finally, Panagora Asset Management Inc. increased its position in shares of Provident Financial by 73.4% during the fourth quarter. Panagora Asset Management Inc. now owns 27,565 shares of the financial services provider’s stock valued at $604,000 after buying an additional 11,669 shares during the period. Institutional investors own 59.35% of the company’s stock.

Provident Financial Company Profile

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community and mortgage banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. It operates through two segments, Provident Bank and Provident Bank Mortgage.

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