Piper Sandler Forecasts Strong Price Appreciation for Provident Financial (NASDAQ:PROV) Stock

Provident Financial (NASDAQ:PROV) had its price target boosted by Piper Sandler from $15.00 to $16.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Separately, StockNews.com initiated coverage on shares of Provident Financial in a research note on Wednesday. They set a “hold” rating on the stock.

Provident Financial Trading Down 0.7 %

Shares of NASDAQ:PROV opened at $15.45 on Wednesday. Provident Financial has a 52-week low of $10.16 and a 52-week high of $15.91. The stock has a market capitalization of $104.60 million, a price-to-earnings ratio of 14.17 and a beta of 0.40. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.23 and a current ratio of 1.23. The stock’s 50-day simple moving average is $14.60 and its two-hundred day simple moving average is $13.42.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. Provident Financial had a return on equity of 5.77% and a net margin of 12.58%. The business had revenue of $14.97 million during the quarter, compared to analysts’ expectations of $9.74 million. During the same quarter in the prior year, the business posted $0.25 earnings per share. Analysts expect that Provident Financial will post 1.05 EPS for the current year.

Provident Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 14th will be paid a $0.14 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.56 dividend on an annualized basis and a yield of 3.62%. Provident Financial’s payout ratio is presently 51.38%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Provident Financial stock. Empowered Funds LLC raised its stake in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,831 shares of the financial services provider’s stock after buying an additional 1,575 shares during the quarter. Empowered Funds LLC owned about 0.33% of Provident Financial worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 71.34% of the stock is owned by institutional investors and hedge funds.

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.