Piper Sandler Raises Provident Financial Price Target to $16.00

Piper Sandler recently updated its target price for Provident Financial (NASDAQ:PROV) from $15.00 to $16.00, as reported in a research note issued to investors on Wednesday. This new price target reflects a potential upside of about 2.89% from the stock's previous closing price.

As part of this analysis, Piper Sandler has assigned a "neutral" rating to Provident Financial’s stock, indicating a cautious outlook on its performance in the near future.

Additional Coverage

In a separate development, StockNews.com initiated coverage on Provident Financial, giving it a "hold" rating.

Current Stock Performance

On Wednesday, Provident Financial's stock saw a slight increase of 0.6%, rising $0.09 during midday trading to reach a price of $15.55. The trading volume for the day was 3,756 shares, which is below its average volume of 6,954 shares. The stock has experienced a 52-week low of $10.16 and a high of $15.70. Other important metrics include a quick ratio of 1.23, a current ratio of 1.23, and a debt-to-equity ratio of 1.84. As it stands, the market capitalization of Provident Financial is approximately $105.27 million, with a price-to-earnings (P/E) ratio of 14.59 and a beta value of 0.40. The 50-day and 200-day simple moving averages are currently set at $14.46 and $13.37, respectively.

Latest Earnings Report

Provident Financial disclosed its quarterly earnings results on Monday, October 28th. The company reported earnings per share (EPS) of $0.28, exceeding analysts’ expectations of $0.25 by a margin of $0.03. The return on equity was recorded at 5.67%, with a net profit margin of 12.53%. The firm generated revenue of $14.97 million for the quarter, significantly higher than the analyst estimate of $9.74 million. For comparison, in the same quarter last year, the company posted an EPS of $0.25. Analysts are projecting that Provident Financial will achieve an EPS of 1 for the current fiscal year.

Institutional Ownership Insights

Recently, Empowered Funds LLC, an institutional investor, raised its holdings in Provident Financial. According to their latest report to the Securities and Exchange Commission (SEC), the fund increased its investment by 7.4% in the first quarter. After acquiring an additional 1,575 shares during the period, Empowered Funds LLC held a total of 22,831 shares, which amounts to approximately 0.33% of the company, valued at around $305,000. It is notable that 71.34% of Provident Financial's stock is currently owned by hedge funds and other institutional investors.

About Provident Financial

Provident Financial Holdings, Inc. serves as the holding company for Provident Savings Bank, F.S.B., which offers community banking services primarily to consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The company’s offerings include various deposit products like checking, savings, money market accounts, and time deposits, along with a diverse loan portfolio that encompasses single-family, multi-family, commercial real estate, construction mortgages, commercial business, and consumer loans.

Considerations for Investors

Before making any investment decisions regarding Provident Financial, potential investors should consider current market trends and the recommendations of top-rated analysts. While currently rated as a "hold," numerous financial experts believe there are better investment opportunities available.

Provident, Financial, Stocks