Provident Financial (NASDAQ:PROV) Upgraded by Zacks Research to “Hold” Rating

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

PROV has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Provident Financial in a research note on Tuesday, April 21st. Piper Sandler initiated coverage on shares of Provident Financial in a research report on Friday, June 26th. They issued a “neutral” rating and a $17.00 target price for the company. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.00.

Provident Financial Stock Down 0.1%

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

Provident Financial (NASDAQ:PROV) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The firm had revenue of $14.57 million for the quarter, compared to analyst estimates of $10.10 million. Provident Financial had a return on equity of 4.77% and a net margin of 10.27%. As a group, sell-side analysts predict that Provident Financial will post 0.96 EPS for the current fiscal year.

Insider Buying and Selling at Provident Financial

In other Provident Financial news, SVP David Weiant sold 2,732 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $17.12, for a total transaction of $46,771.84. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 4,744 shares of company stock valued at $81,076. Company insiders own 11.49% of the company’s stock.

Hedge Funds Weigh In On Provident Financial

Hedge funds have recently modified their holdings of the stock. Susquehanna International Group LLP acquired a new position in Provident Financial in the 3rd quarter worth about $273,000. Empowered Funds LLC grew its position in 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. Federated Hermes Inc. increased its stake in shares of Provident Financial by 13.2% during the 4th quarter. Federated Hermes Inc. now owns 29,657 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 3,459 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in Provident Financial by 2.8% in 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. Finally, Fourthstone LLC increased its position in 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 buying an additional 121,329 shares during the last quarter. 71.34% of the stock is owned by institutional investors and hedge funds.

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.