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

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

Separately, Piper Sandler upped their price objective on shares of Provident Financial from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st.

Provident Financial Stock Performance

Shares of PROV stock opened at $15.57 on Wednesday. Provident Financial has a fifty-two week low of $10.16 and a fifty-two week high of $15.91. The stock’s 50-day moving average is $14.52 and its two-hundred day moving average is $13.39. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market cap of $105.38 million, a P/E ratio of 14.28 and a beta of 0.40.

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

Hedge Funds Weigh In On Provident Financial

An institutional investor recently raised its position in Provident Financial stock. Empowered Funds LLC grew its holdings in Provident Financial Holdings, Inc. (NASDAQ:PROV) by 7.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,831 shares of the financial services provider’s stock after acquiring an additional 1,575 shares during the quarter. Empowered Funds LLC owned 0.33% of Provident Financial worth $305,000 as of its most recent filing with the Securities and Exchange Commission. 71.34% of the stock is currently owned by 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.