Piper Sandler Boosts Provident Financial (NASDAQ:PROV) Price Target to $14.00

Provident Financial (NASDAQ:PROV) had its price objective boosted by Piper Sandler from $13.00 to $14.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Separately, StockNews.com began coverage on shares of Provident Financial in a research report on Monday, July 29th. They set a hold rating for the company.

Provident Financial Trading Up 1.1 %

PROV opened at $13.15 on Wednesday. Provident Financial has a twelve month low of $10.16 and a twelve month high of $15.40. The company has a 50-day simple moving average of $12.66 and a 200 day simple moving average of $13.32. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $90.47 million, a price-to-earnings ratio of 12.64 and a beta of 0.39.

Provident Financial (NASDAQ:PROV) last posted its quarterly earnings data on Monday, July 29th. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. Provident Financial had a net margin of 12.53% and a return on equity of 5.68%. The business had revenue of $15.38 million during the quarter, compared to analysts’ expectations of $9.57 million. During the same quarter in the prior year, the business posted $0.26 earnings per share. Analysts predict that Provident Financial will post 1 EPS for the current fiscal year.

Provident Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be issued a $0.14 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.26%. Provident Financial’s dividend payout ratio (DPR) is currently 53.85%.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Provident Financial stock. Empowered Funds LLC increased its position in Provident Financial Holdings, Inc. (NASDAQ:PROV) by 7.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,831 shares of the financial services provider’s stock after buying an additional 1,575 shares during the quarter. Empowered Funds LLC owned 0.33% of Provident Financial worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 71.34% of the stock is currently owned by institutional investors and hedge funds.

About Provident Financial

Provident Financial Holdings, Inc operates as the holding company for Provident Savings Bank, F.S.B. that provides community banking services to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company's deposit products include checking, savings, and money market accounts, as well as time deposits; and loan portfolio consists of single-family, multi-family, commercial real estate, construction, mortgage, commercial business, and consumer loans.