Provident Financial (NASDAQ:PROV) Stock Rating Upgraded by Zacks Research

Provident Financial (NASDAQ:PROV) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Piper Sandler lowered their price target on Provident Financial from $16.50 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Financial in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Provident Financial presently has an average rating of “Hold” and a consensus price target of $16.00.

Provident Financial Trading Down 0.7%

Shares of NASDAQ PROV opened at $15.96 on Monday. The firm has a market capitalization of $103.26 million, a PE ratio of 17.73 and a beta of 0.34. Provident Financial has a one year low of $12.98 and a one year high of $16.35. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.66. The business has a 50-day moving average price of $15.56 and a two-hundred day moving average price of $15.55.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Provident Financial had a net margin of 10.04% and a return on equity of 4.69%. The company had revenue of $14.15 million for the quarter, compared to analysts’ expectations of $10.20 million. As a group, analysts predict that Provident Financial will post 0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Provident Financial

In related news, SVP Gwendolyn Wertz sold 4,800 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $15.64, for a total transaction of $75,072.00. Following the completion of the transaction, the senior vice president owned 20,537 shares in the company, valued at approximately $321,198.68. The trade was a 18.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Provident Financial

Several institutional investors and hedge funds have recently made changes to their positions in PROV. Susquehanna International Group LLP acquired a new stake in Provident Financial during the 3rd quarter worth $273,000. Empowered Funds LLC increased its holdings 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 worth $424,000 after acquiring an additional 2,120 shares in the last quarter. Finally, Fourthstone LLC raised its position in shares of Provident Financial by 31.4% during the second quarter. Fourthstone LLC now owns 115,210 shares of the financial services provider’s stock worth $1,786,000 after purchasing an additional 27,556 shares during the period. Institutional investors and hedge funds own 71.34% of the company’s stock.

About Provident Financial

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.