Provident Financial Holdings Stock Rating Lowered by Raymond James (PROV)
Provident Financial Holdings (NASDAQ:PROV) was downgraded by equities research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $20.00 price target on the stock. Raymond James’ target price would indicate a potential upside of 31.93% from the company’s current price.
The analysts wrote, “We are lowering our investment rating on shares of Provident Financial Holdings, Inc. to Market Perform from Outperform as we have sharply lowered our EPS estimates in the face of lower mortgage-banking volumes and reduced gain on sale margins. The company’s credit quality continues to improve and capital ratios remain robust. We do not see a catalyst to move the share price up appreciably in the near term and shares are fairly valued, in our opinion.”
Shares of Provident Financial Holdings (NASDAQ:PROV) traded down 0.40% during mid-day trading on Friday, hitting $15.10. 17,863 shares of the company’s stock traded hands. Provident Financial Holdings has a one year low of $14.71 and a one year high of $19.69. The stock has a 50-day moving average of $17.10 and a 200-day moving average of $16.68. The company has a market cap of $154.2 million and a P/E ratio of 6.37.
Provident Financial Holdings (NASDAQ:PROV) last released its earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.29. During the same quarter in the previous year, the company posted $0.72 earnings per share. On average, analysts predict that Provident Financial Holdings will post $1.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.64%.
Other equities research analysts have also recently issued reports about the stock. Analysts at FIG Partners downgraded shares of Provident Financial Holdings to an “underperform” rating in a research note to investors on Wednesday. Separately, analysts at Zacks downgraded shares of Provident Financial Holdings from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, October 1st. They now have a $20.10 price target on the stock. Finally, analysts at Sandler O’Neill downgraded shares of Provident Financial Holdings from a “buy” rating to a “hold” rating in a research note to investors on Friday, September 27th. They now have a $18.00 price target on the stock, down previously from $20.00. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Provident Financial Holdings presently has an average rating of “Hold” and a consensus target price of $19.53.
Provident Financial Holdings, Inc (NASDAQ:PROV) is a holding company for Provident Savings Bank, F.
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