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

Research analysts at StockNews.com started coverage on shares of Provident Financial (NASDAQ:PROV) in a research report issued to clients and investors on Wednesday. The firm set a “hold” rating on the financial services provider’s stock.

Separately, Piper Sandler decreased their target price on 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 Stock Performance

Shares of PROV stock opened at $14.50 on Wednesday. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a 50-day moving average of $15.17 and a 200-day moving average of $15.32. Provident Financial has a one year low of $12.01 and a one year high of $16.70. The company has a market cap of $97.02 million, a P/E ratio of 15.93 and a beta of 0.35.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). Provident Financial had a net margin of 10.39% and a return on equity of 4.81%. During the same period in the prior year, the company posted $0.31 earnings per share. Equities research analysts forecast that Provident Financial will post 0.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Provident Financial

Large investors have recently bought and sold shares of the stock. 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. Empowered Funds LLC grew its holdings in Provident Financial by 5.1% in the 4th quarter. Empowered Funds LLC now owns 26,964 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 1,307 shares during the last quarter. Black Maple Capital Management LP grew its holdings in 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 worth $495,000 after acquiring an additional 2,557 shares during the last quarter. Fourthstone LLC purchased a new position in shares of Provident Financial in the third quarter valued at about $991,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of 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 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.