UPDATE: Piper Sandler Downgrades Provident Financial Holdings (PROV) to Neutral

February 2, 2021 10:39 AM EST
Get Alerts PROV Hot Sheet
Price: $17.40 +2.72%

Rating Summary:
    0 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 45
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(Updated - February 3, 2021 5:42 AM EST)

Piper Sandler analyst Matthew Clark downgraded Provident Financial Holdings (NASDAQ: PROV) from Overweight to Neutral with a price target of $16.00 (from $18.00).

The analyst comments "We are downgrading shares of PROV to Neutral based on limited catalysts to improve balance sheet growth & profitability, both of which remain challenged in calendar 4Q. We reduce our 2021E / 2022E EPS to $0.71 / $0.75 based on a lower NIM & further shrinkage in its loan portfolio due elevated prepayments in SFR. Our PT moves to $16 (-$2) based on 0.95x TBV (from 1.10x) & consistent with a discount to peers (1.03x) for its lower profitability profile partly balanced by its pristine balance sheet."

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 $15.48 yesterday.

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