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

Analysts at StockNews.com initiated coverage on shares of Provident Financial (NASDAQ:PROV) in a report issued on Tuesday. The firm set a “hold” rating on the financial services provider’s stock.

Separately, Piper Sandler increased their price target on shares of Provident Financial from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th.

Provident Financial Stock Performance

Provident Financial stock opened at $14.87 on Tuesday. Provident Financial has a fifty-two week low of $12.01 and a fifty-two week high of $16.70. The stock’s 50 day simple moving average is $15.90 and its two-hundred day simple moving average is $14.69. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market cap of $100.52 million, a price-to-earnings ratio of 13.64 and a beta of 0.38.

Provident Financial (NASDAQ:PROV) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. The company had revenue of $14.97 million for the quarter, compared to analyst estimates of $9.74 million. Provident Financial had a return on equity of 5.78% and a net margin of 12.58%. During the same period in the previous year, the company posted $0.25 earnings per share. As a group, analysts expect that Provident Financial will post 1.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Provident Financial stock. Empowered Funds LLC grew its stake in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) by 4.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,657 shares of the financial services provider’s stock after acquiring an additional 1,206 shares during the quarter. Empowered Funds LLC owned about 0.38% of Provident Financial worth $368,000 as of its most recent SEC filing. 71.34% of the stock is 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.