UPDATE: Piper Sandler Assumes Provident Financial Holdings (PROV) at Neutral

February 11, 2020 4:30 AM EST
Get Alerts PROV Hot Sheet
Price: $17.31 +2.00%

Rating Summary:
    0 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - February 11, 2020 6:54 AM EST)

(updating comment)

Piper Sandler analyst Matthew Clark assumes coverage on Provident Financial Holdings (NASDAQ: PROV) with a Neutral rating and a price target of $23.00.

The analyst comments "We are assuming coverage of PROV with a Neutral rating partly on valuation as the market pays up for its earnings potential after the recent divestiture of its more volatile For Sale SFR business that was a drag on profitability. We establish 2020 / 2021 EPS estimates of $1.34 / $1.48 that are in-line with, to slightly below, the Street based on our more conservative NIM forecast. The earnings growth outlook still compares favorably to the industry with efficiency gains expected from MSD-to-HSD loan growth prospects and flattish expenses. Our $23 PT is based on 1.35x forward TBV, consistent with peers (1.36x) that have a similar thrift-like balance sheet profile."

For an analyst ratings summary and ratings history on Provident Financial Holdings click here. For more ratings news on Provident Financial Holdings click here.

Shares of Provident Financial Holdings closed at $22.30 yesterday.


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