StockNews.com Initiates Coverage on Provident Financial with a Hold Rating

Provident Financial (NASDAQ:PROV), a firm offering financial services, recently started being covered by analysts at StockNews.com. In a comprehensive research report released to investors on Thursday, the analysts have placed a 'hold' recommendation on the stock of Provident Financial, signaling a neutral position on the company's future market performance.

Current Performance and Statistics of Provident Financial

The stock of Provident Financial opened at $14.20 on Thursday, featuring a market capitalization of roughly $98.41 million. With a P/E ratio standing at 12.35 and a beta of 0.41, the company presents a moderate risk profile to investors. Financially, Provident Financial displays a debt-to-equity ratio of 1.87, alongside a current and a quick ratio both at 1.21. The stock has seen a yearly low of $10.16 and a peak of $15.40, with moving averages over fifty days at $13.92 and over two hundred days at $12.85.

Revealing their latest quarterly earnings on January 29th, Provident Financial reported an EPS of $0.31, surpassing the anticipated $0.26 by $0.05. Their revenue reached $9.65 million for the quarter, just short of the forecasted $10 million. Regarding profitability, the financial services provider experienced a return on equity of 6.20% and maintained a net margin of 14.43%. Analysts project that Provident Financial will achieve earnings of $1.05 per share for the current fiscal year.

Provident Financial's Institutional Investor Activity

In recent trading activity, various hedge funds have adjusted their positions in Provident Financial. For instance, Raffles Associates LP increased its holdings by 2.6%, owning 391,349 shares worth $5,334,000 after purchasing an additional 10,000 shares. Similarly, The Manufacturers Life Insurance Company upped its stake by acquiring 8,604 shares in the first quarter and another 9,275 shares in the second, now holding 352,267 and 350,484 shares, respectively. BlackRock Inc. slightly grew its shares by 0.8%, owning 290,372 shares. Additionally, Baird Financial Group Inc. saw an increase of 6.4% in their holdings, now possessing 164,062 shares.

About Provident Financial Holdings, Inc.

Operating primarily in Southern California's Inland Empire region, Provident Financial Holdings, Inc. functions as the parent company to Provident Savings Bank, F.S.B. The organization offers community banking services catering to individuals and modestly sized businesses. Their various banking products include diverse options for checking, savings, and money market accounts, along with time deposits. Additionally, they maintain a portfolio comprising single-family, multi-family, commercial real estate, construction, commercial business, and consumer loans.

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