Provident Financial’s (PROV) “Neutral” Rating Reiterated at Piper Sandler
by Kim Johansen · The Markets DailyProvident Financial (NASDAQ:PROV – Get Free Report)‘s stock had its “neutral” rating restated by stock analysts at Piper Sandler in a research note issued on Friday,Benzinga reports. They presently have a $17.00 target price on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential downside of 1.11% from the company’s previous close.
Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Provident Financial currently has an average rating of “Hold” and an average price target of $17.00.
Check Out Our Latest Report on PROV
Provident Financial Trading Up 0.4%
NASDAQ:PROV opened at $17.19 on Friday. The company has a 50-day moving average price of $17.05 and a 200-day moving average price of $16.45. The stock has a market cap of $107.44 million, a price-to-earnings ratio of 18.69 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. Provident Financial has a 12 month low of $14.95 and a 12 month high of $17.42.
Provident Financial (NASDAQ:PROV – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). Provident Financial had a return on equity of 4.77% and a net margin of 10.27%.The company had revenue of $14.57 million during the quarter, compared to analysts’ expectations of $10.10 million.
Insider Activity
In other news, SVP David Weiant sold 2,732 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total value of $46,771.84. Following the completion of the sale, the senior vice president directly owned 6,175 shares of the company’s stock, valued at $105,716. This represents a 30.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 4,744 shares of company stock worth $81,076. Insiders own 11.49% of the company’s stock.
Hedge Funds Weigh In On Provident Financial
Several large investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC grew its position in shares of Provident Financial by 2.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 66,654 shares of the financial services provider’s stock worth $1,060,000 after purchasing an additional 1,834 shares in the last quarter. Empowered Funds LLC raised its position in shares of Provident Financial by 6.2% during the fourth quarter. Empowered Funds LLC now owns 31,454 shares of the financial services provider’s stock valued at $500,000 after buying an additional 1,834 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Provident Financial by 13.2% in the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after buying an additional 3,459 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of Provident Financial in the third quarter worth $273,000. Finally, Fourthstone LLC boosted its position in shares of Provident Financial by 52.6% during the fourth quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock worth $5,603,000 after acquiring an additional 121,329 shares during the last quarter. 71.34% of the stock is currently owned by hedge funds and other institutional investors.
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.