Provident Financial (PROV) Downgraded by FIG Partners

FIG Partners downgraded shares of Provident Financial (NASDAQ:PROV) from an outperform rating to a market perform rating in a research note released on Tuesday morning, Briefing.com Automated Import reports. FIG Partners also issued estimates for Provident Financial’s Q4 2019 earnings at ($0.01) EPS, Q2 2020 earnings at $0.39 EPS, Q3 2020 earnings at $0.41 EPS, Q4 2020 earnings at $0.43 EPS and Q1 2021 earnings at $0.45 EPS.

Other research analysts also recently issued reports about the company. TheStreet upgraded Provident Financial from a c+ rating to a b- rating in a report on Wednesday, February 20th. ValuEngine upgraded Provident Financial from a hold rating to a buy rating in a report on Monday, March 11th. Finally, Hovde Group upgraded Provident Financial from a market perform rating to an outperform rating and lifted their price target for the company from $19.00 to $23.00 in a report on Wednesday, March 20th.

Shares of NASDAQ:PROV opened at $20.36 on Tuesday. Provident Financial has a 12-month low of $14.67 and a 12-month high of $20.99. The firm has a market capitalization of $152.87 million, a PE ratio of 29.08 and a beta of 0.52. The company has a current ratio of 1.12, a quick ratio of 1.06 and a debt-to-equity ratio of 0.91.

Provident Financial (NASDAQ:PROV) last announced its quarterly earnings results on Monday, April 29th. The financial services provider reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.20). Provident Financial had a net margin of 8.35% and a return on equity of 4.14%. The company had revenue of $12.66 million during the quarter, compared to analysts’ expectations of $12.70 million.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 21st will be issued a $0.14 dividend. The ex-dividend date is Monday, May 20th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.75%. Provident Financial’s dividend payout ratio is presently 80.00%.

In related news, COO Donavon P. Ternes sold 5,000 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $20.05, for a total transaction of $100,250.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 14.41% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC purchased a new position in Provident Financial during the 4th quarter worth $39,000. JPMorgan Chase & Co. grew its stake in Provident Financial by 77.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,836 shares of the financial services provider’s stock worth $162,000 after buying an additional 3,860 shares during the last quarter. Beacon Pointe Wealth Advisors LLC purchased a new position in Provident Financial during the 4th quarter worth $227,000. Finally, M3F Inc. grew its stake in Provident Financial by 8.5% during the 4th quarter. M3F Inc. now owns 442,557 shares of the financial services provider’s stock worth $6,860,000 after buying an additional 34,554 shares during the last quarter. Hedge funds and other institutional investors own 55.27% of the company’s stock.

Provident Financial Company Profile

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.

Recommended Story: What is a Derivative?

Receive News & Ratings for Provident Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Financial and related companies with MarketBeat.com's FREE daily email newsletter.