Provident Financial (NASDAQ:PROV) Stock Rating Upgraded by Zacks Research

Provident Financial (NASDAQ:PROV) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

PROV has been the topic of a number of other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a report on Friday, July 17th. Piper Sandler boosted their price target on shares of Provident Financial from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Provident Financial currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Provident Financial Trading Down 0.1%

NASDAQ:PROV opened at $18.32 on Wednesday. Provident Financial has a 12-month low of $14.95 and a 12-month high of $18.54. The firm has a market cap of $114.57 million, a PE ratio of 17.79 and a beta of 0.33. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.45. The stock has a fifty day moving average price of $17.54 and a 200 day moving average price of $16.95.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The company had revenue of $15.22 million for the quarter, compared to the consensus estimate of $10.00 million. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%. Sell-side analysts anticipate that Provident Financial will post 1.22 earnings per share for the current fiscal year.

Insider Activity at Provident Financial

In other news, SVP David Weiant sold 2,732 shares of Provident Financial stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.12, for a total transaction of $46,771.84. Following the sale, the senior vice president owned 6,175 shares in the company, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 4,744 shares of company stock worth $81,076 in the last 90 days. 11.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new position in Provident Financial during the second quarter worth approximately $37,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Provident Financial in the second quarter valued at approximately $63,000. Allworth Financial LP purchased a new position in shares of Provident Financial during the second quarter worth approximately $203,000. Bank of New York Mellon Corp purchased a new position in shares of Provident Financial during the second quarter worth approximately $190,000. Finally, Perigon Wealth Management LLC acquired a new position in shares of Provident Financial in the 2nd quarter valued at $342,000. Hedge funds and other institutional investors own 71.34% of the company’s stock.

About Provident Financial

Provident Financial Services, Inc (NASDAQ: PROV) is a bank holding company headquartered in Jersey City, New Jersey, that conducts its operations through its wholly owned subsidiary, Provident Bank. With origins dating back to 1839, the company has grown into a full-service financial institution offering a broad spectrum of products and services to individuals, small businesses and commercial clients.

The company’s principal business activities include retail banking, commercial lending, mortgage finance and wealth management.