Provident Financial (NASDAQ:PROV) Upgraded at Zacks Research

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

Several other equities analysts have also commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research note on Tuesday, April 21st. Piper Sandler began coverage on shares of Provident Financial in a report on Friday, June 26th. They issued a “neutral” rating and a $17.00 target price for the company. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Provident Financial presently has an average rating of “Hold” and an average price target of $17.00.

Provident Financial Stock Down 0.1%

Shares of NASDAQ PROV opened at $17.20 on Monday. Provident Financial has a 52-week low of $14.95 and a 52-week high of $17.42. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.45. The business’s 50 day moving average is $17.05 and its two-hundred day moving average is $16.49. The firm has a market cap of $107.57 million, a price-to-earnings ratio of 18.70 and a beta of 0.33.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). Provident Financial had a return on equity of 4.77% and a net margin of 10.27%.The business had revenue of $14.57 million for the quarter, compared to analysts’ expectations of $10.10 million. Research analysts predict that Provident Financial will post 0.96 EPS for the current year.

Insider Activity at Provident Financial

In other news, SVP David Weiant sold 2,732 shares of Provident Financial 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 transaction, the senior vice president directly owned 6,175 shares of the company’s stock, valued at $105,716. The trade was a 30.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 4,744 shares of company stock valued at $81,076. Insiders own 11.49% of the company’s stock.

Institutional Trading of Provident Financial

A number of hedge funds have recently added to or reduced their stakes in PROV. Susquehanna International Group LLP acquired a new stake in shares of Provident Financial in the third quarter valued at about $273,000. Empowered Funds LLC lifted its position in shares of Provident Financial by 7.9% in the first quarter. Empowered Funds LLC now owns 29,084 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 2,120 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Provident Financial by 13.2% during the fourth quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock valued at $472,000 after acquiring an additional 3,459 shares during the last quarter. Bridgeway Capital Management LLC increased its position in Provident Financial by 2.8% during the 4th 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. Finally, Fourthstone LLC raised its stake in Provident Financial by 52.6% in the 4th quarter. Fourthstone LLC now owns 352,151 shares of the financial services provider’s stock valued at $5,603,000 after purchasing an additional 121,329 shares during the last quarter. 71.34% of the stock is owned by institutional investors and hedge funds.

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.