Provident Financial (NASDAQ:PROV) Price Target Cut to $14.00 by Analysts at Piper Sandler

Provident Financial (NASDAQ:PROV) had its price target lowered by Piper Sandler from $15.00 to $14.00 in a report released on Wednesday, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Separately, StockNews.com started coverage on Provident Financial in a research report on Wednesday, April 24th. They set a hold rating for the company.

Provident Financial Price Performance

PROV opened at $12.56 on Wednesday. The company’s 50-day simple moving average is $13.68 and its two-hundred day simple moving average is $13.01. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a market capitalization of $87.04 million, a P/E ratio of 12.08 and a beta of 0.40. Provident Financial has a 52-week low of $10.16 and a 52-week high of $15.40.

Provident Financial (NASDAQ:PROV) last issued its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. Provident Financial had a net margin of 12.57% and a return on equity of 5.56%. The company had revenue of $9.65 million for the quarter, compared to the consensus estimate of $10.00 million. As a group, analysts predict 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, June 6th. Stockholders of record on Thursday, May 16th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Wednesday, May 15th. Provident Financial’s dividend payout ratio is presently 53.85%.

Hedge Funds Weigh In On Provident Financial

An institutional investor recently raised its position in Provident Financial stock. Federated Hermes Inc. raised its holdings in shares of Provident Financial Holdings, Inc. (NASDAQ:PROV) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,798 shares of the financial services provider’s stock after acquiring an additional 1,173 shares during the quarter. Federated Hermes Inc. owned approximately 0.37% of Provident Financial worth $338,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Provident Financial Company Profile

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.