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

Investment analysts at StockNews.com initiated coverage on shares of Provident Financial (NASDAQ:PROV) in a report released on Tuesday. The brokerage set a “hold” rating on the financial services provider’s stock.

Separately, Piper Sandler decreased their price target on shares of Provident Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th.

Provident Financial Trading Up 0.6 %

PROV stock opened at $14.20 on Tuesday. The company has a market capitalization of $95.01 million, a PE ratio of 15.60 and a beta of 0.35. Provident Financial has a one year low of $12.01 and a one year high of $16.70. The company’s 50 day moving average price is $15.29 and its two-hundred day moving average price is $15.33. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.25 and a current ratio of 1.25.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.13 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 quarter in the previous year, the company earned $0.31 EPS. As a group, analysts predict that Provident Financial will post 0.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PROV. Empowered Funds LLC increased its stake in shares of Provident Financial by 4.9% in the third quarter. Empowered Funds LLC now owns 25,657 shares of the financial services provider’s stock worth $368,000 after buying an additional 1,206 shares during the period. Northern Trust Corp increased 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 buying an additional 5,445 shares during the period. Black Maple Capital Management LP increased its position in Provident Financial by 8.9% during 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 period. Fourthstone LLC purchased a new position in Provident Financial during the 3rd quarter valued at $991,000. Finally, The Manufacturers Life Insurance Company increased its position in Provident Financial by 7.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 334,789 shares of the financial services provider’s stock valued at $5,326,000 after purchasing an additional 23,117 shares during the period. 71.34% of the stock is owned by hedge funds and other 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.