Provident Financial (NASDAQ:PROV) Stock Lifted to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Provident Financial (NASDAQ:PROV) to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Other research analysts also recently issued research reports about the stock. Piper Sandler boosted their target price on shares of Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Zacks Research raised Provident Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 26th. Finally, Weiss Ratings upgraded Provident Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, September 18th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.00.

Provident Financial Trading Up 0.3%

Shares of PROV stock opened at $18.31 on Friday. Provident Financial has a 12 month low of $14.95 and a 12 month high of $18.99. The company has a market cap of $114.14 million, a PE ratio of 17.78 and a beta of 0.32. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.24. The business’s 50 day moving average is $18.23 and its two-hundred day moving average is $17.38.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $10.59 million during the quarter, compared to analysts’ expectations of $10.00 million. Provident Financial had a net margin of 11.16% and a return on equity of 5.23%. Equities analysts predict that Provident Financial will post 1.22 EPS for the current year.

Provident Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $0.56 dividend on an annualized basis and a yield of 3.1%. Provident Financial’s payout ratio is 54.37%.

Hedge Funds Weigh In On Provident Financial

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Provident Financial during the 2nd quarter worth about $4,844,000. Empowered Funds LLC bought a new stake in shares of Provident Financial in the second quarter valued at about $595,000. Raffles Associates LP bought a new stake in shares of Provident Financial in the second quarter valued at about $6,727,000. The Manufacturers Life Insurance Company acquired a new stake in Provident Financial during the second quarter worth about $5,224,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Provident Financial during the second quarter worth about $37,000. 71.34% of the stock is currently owned by institutional investors and hedge funds.

About Provident Financial

Provident Financial Holdings, Inc is the holding company for Provident Savings Bank, FSB, a community-oriented financial institution headquartered in Riverside, California. Through its banking subsidiary, the company serves consumers, businesses and real estate professionals primarily in Southern California, including communities in the Inland Empire and surrounding areas.

Provident Savings Bank offers a range of deposit products, including checking, savings, money market and certificate accounts.