Piper Sandler Increases Price Target for Provident Financial to $16.00

Piper Sandler, a well-known equity research firm, has raised its price target for Provident Financial Holdings, Inc. (NASDAQ:PROV) from $15.00 to $16.00. This change was announced in a research note released to investors on Wednesday. The firm currently maintains a "neutral" rating on the stock, suggesting that they see little cause for concern, but also limited growth potential at this time.

The updated price target implies a possible upside of 2.89% from the stock's closing price before this announcement.

Provident Financial Updates

Recent Trading Activity

On Wednesday, shares of Provident Financial recorded a modest increase of 0.6%, rising by $0.09 to reach $15.55 during midday trading. The trading volume for the day was 3,756 shares, which is lower than the average trading volume of 6,954 shares. Over the past year, the stock has traded between a low of $10.16 and a high of $15.70.

Financial Performance

Provident Financial recently reported its quarterly earnings on October 28th. The company posted earnings per share (EPS) of $0.28, surpassing analyst expectations of $0.25 by a margin of $0.03. Additionally, the firm reported revenue of $14.97 million, significantly above the forecast of $9.74 million. A display of solid financial performance was evident as the company’s return on equity was measured at 5.67%, and it maintained a net margin of 12.53%. Analysts project that Provident Financial will achieve a total EPS of $1 for the current fiscal year.

Institutional Investment Trends

In terms of institutional investing, one firm, Empowered Funds LLC, has increased its stake in Provident Financial. According to their latest filing with the Securities and Exchange Commission (SEC), the fund raised its holdings by 7.4% in the first quarter and now owns 22,831 shares. After acquiring an additional 1,575 shares, Empowered Funds is valued at approximately $305,000 in Provident Financial shares. Overall, 71.34% of the company's stock is held by various hedge funds and institutional investors.

Company Overview

Provident Financial Holdings, Inc. acts as the holding entity for Provident Savings Bank, F.S.B., which offers community banking services. These services cater primarily to consumers and small to mid-sized businesses located in Southern California's Inland Empire region. The bank's offerings include various deposit products such as checking, savings, and money market accounts. Its loan portfolio consists of multiple types of loans, including those for single-family homes, multi-family units, commercial real estate, and consumer loans.

Investment Considerations

As investors evaluate Provident Financial, it may be worthwhile to consider the current rating and target price set by Piper Sandler, alongside the company's recent financial results and institutional investment activity. With the company maintaining a price trajectory that suggests modest growth, investors might want to approach with a balanced perspective.

Provident, Financial, Stock