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

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

A number of other equities research analysts also recently weighed in on PROV. Wall Street Zen upgraded Provident Financial to a “hold” rating in a research report on Saturday, October 3rd. Piper Sandler increased their price target on Provident Financial from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded Provident Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $18.00.

Provident Financial Stock Up 0.1%

PROV stock opened at $18.20 on Tuesday. The firm’s 50-day moving average is $18.34 and its two-hundred day moving average is $17.23. The company has a market capitalization of $112.84 million, a price-to-earnings ratio of 17.67 and a beta of 0.33. Provident Financial has a 52 week low of $14.95 and a 52 week high of $18.99. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.24.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.07). Provident Financial had a net margin of 10.88% and a return on equity of 5.16%. The company had revenue of $10.57 million during the quarter, compared to the consensus estimate of $10.30 million. On average, analysts forecast that Provident Financial will post 1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Provident Financial

Several large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new position in shares of Provident Financial in the 2nd quarter worth approximately $37,000. Bank of New York Mellon Corp bought a new stake in shares of Provident Financial in the 2nd quarter worth approximately $190,000. Empowered Funds LLC lifted its stake in Provident Financial by 7.6% during the first quarter. Empowered Funds LLC now owns 33,854 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 2,400 shares during the last quarter. Susquehanna International Group LLP lifted its stake in Provident Financial by 73.9% during the second quarter. Susquehanna International Group LLP now owns 32,363 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 13,756 shares during the last quarter. Finally, BlackRock Inc. bought a new stake in Provident Financial during the second quarter worth approximately $4,844,000. Institutional investors own 71.34% of the company’s stock.

Provident Financial Company Profile

Provident Financial Holdings, Inc is the holding company for Provident Savings Bank, a federally chartered community bank headquartered in Riverside, California. The bank serves individuals, families and businesses primarily in Southern California, with a focus on the Inland Empire and surrounding communities.

Provident Savings Bank offers a range of traditional banking products and services, including deposit accounts, residential mortgage loans, home equity financing, consumer loans and commercial real estate lending.