Zacks Research Upgrades Provident Financial (NASDAQ:PROV) to Strong-Buy

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

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

Provident Financial Stock Down 0.1%

Shares of 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 company has a market cap of $114.57 million, a P/E 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 data on Tuesday, July 28th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $15.22 million for the quarter, compared to analysts’ expectations of $10.00 million. Provident Financial had a return on equity of 5.22% and a net margin of 11.16%. Research analysts anticipate that Provident Financial will post 1.22 EPS for the current fiscal year.

Insider Buying and Selling 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 directly owned 6,175 shares of the company’s stock, valued at approximately $105,716. The trade was a 30.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 4,744 shares of company stock worth $81,076 in the last three months. 11.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PROV. Public Employees Retirement System of Ohio purchased a new position in Provident Financial in the second quarter valued at about $37,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Provident Financial during the 2nd quarter worth approximately $63,000. Bank of New York Mellon Corp purchased a new stake in Provident Financial during the 2nd quarter worth approximately $190,000. Allworth Financial LP purchased a new stake in Provident Financial during the 2nd quarter worth approximately $203,000. Finally, Susquehanna International Group LLP acquired a new position in shares of Provident Financial in the 3rd quarter valued at approximately $273,000. Institutional investors and hedge funds own 71.34% of the company’s stock.

Provident Financial Company Profile

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.