Canaccord Genuity Downgrades Provident Financial (LON:PFG) to Sell

Provident Financial (LON:PFG) was downgraded by analysts at Canaccord Genuity to a “sell” rating in a research report issued on Wednesday, Digital Look reports. They presently have a GBX 430 ($5.62) price target on the stock, down from their previous price target of GBX 595 ($7.77). Canaccord Genuity’s target price suggests a potential downside of 7.98% from the company’s previous close.

PFG has been the topic of several other reports. Numis Securities reissued a “buy” rating on shares of Provident Financial in a research report on Wednesday, June 5th. Peel Hunt reiterated a “hold” rating and issued a GBX 550 ($7.19) price objective on shares of Provident Financial in a research note on Monday, April 29th. Finally, Berenberg Bank reduced their price objective on shares of Provident Financial from GBX 590 ($7.71) to GBX 540 ($7.06) and set a “hold” rating for the company in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of GBX 637.57 ($8.33).

Provident Financial stock traded down GBX 33.10 ($0.43) during mid-day trading on Wednesday, reaching GBX 467.30 ($6.11). 773,214 shares of the company’s stock were exchanged, compared to its average volume of 1,310,000. Provident Financial has a twelve month low of GBX 435.70 ($5.69) and a twelve month high of GBX 716 ($9.36). The firm has a market cap of $1.17 billion and a PE ratio of 18.62. The company has a quick ratio of 4.67, a current ratio of 4.74 and a debt-to-equity ratio of 295.29.

In related news, insider Patrick J. R. Snowball purchased 96,477 shares of Provident Financial stock in a transaction dated Wednesday, June 5th. The stock was acquired at an average cost of GBX 518 ($6.77) per share, with a total value of £499,750.86 ($653,013.01). Also, insider Paul Hewitt purchased 9,488 shares of Provident Financial stock in a transaction dated Monday, June 10th. The stock was bought at an average cost of GBX 527 ($6.89) per share, with a total value of £50,001.76 ($65,336.16).

About Provident Financial

Provident Financial plc provides personal credit products to the non-standard lending market in the United Kingdom and the Republic of Ireland. The company offers credit cards; consumer credit, including unsecured and online instalment loans; and finance for cars and light commercial vehicles. It serves 2.5 million customers through its network of branches, call centers, and Websites.

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Analyst Recommendations for Provident Financial (LON:PFG)

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