Provident Financial (NASDAQ:PROV) Rating Increased to Outperform at FIG Partners

Provident Financial (NASDAQ:PROV) was upgraded by research analysts at FIG Partners from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, February 5th, MarketBeat reports. The firm presently has a $21.00 price objective on the financial services provider’s stock. FIG Partners’ target price points to a potential upside of 4.27% from the stock’s current price. FIG Partners also issued estimates for Provident Financial’s Q3 2019 earnings at $0.18 EPS, Q4 2019 earnings at $0.26 EPS, Q1 2020 earnings at $0.38 EPS, Q2 2020 earnings at $0.40 EPS, Q3 2020 earnings at $0.42 EPS, Q4 2020 earnings at $0.44 EPS, Q1 2021 earnings at $0.46 EPS and Q2 2021 earnings at $0.47 EPS.

PROV stock traded down $0.13 during midday trading on Tuesday, hitting $20.14. 7,100 shares of the stock traded hands, compared to its average volume of 10,107. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.06 and a current ratio of 1.12. Provident Financial has a 1-year low of $14.67 and a 1-year high of $20.80. The firm has a market cap of $153.95 million, a PE ratio of 28.77 and a beta of 0.47.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings results on Monday, January 28th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.01. Provident Financial had a return on equity of 5.70% and a net margin of 11.15%. The business had revenue of $13.43 million during the quarter, compared to analyst estimates of $13.50 million.

Several institutional investors and hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC acquired a new stake in shares of Provident Financial in the fourth quarter valued at approximately $39,000. JPMorgan Chase & Co. raised its stake in shares of Provident Financial by 77.6% in the third quarter. JPMorgan Chase & Co. now owns 8,836 shares of the financial services provider’s stock valued at $162,000 after purchasing an additional 3,860 shares in the last quarter. Bank of America Corp DE raised its stake in Provident Financial by 904.6% during the second quarter. Bank of America Corp DE now owns 5,284 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 4,758 shares in the last quarter. Beacon Pointe Wealth Advisors LLC acquired a new position in Provident Financial during the fourth quarter worth $227,000. Finally, Maltese Capital Management LLC acquired a new stake in shares of Provident Financial in the third quarter valued at $458,000. Institutional investors own 55.73% of the company’s stock.

About Provident Financial

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community and mortgage banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. It operates through two segments, Provident Bank and Provident Bank Mortgage.

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