UPDATE: Piper Sandler Downgrades Provident Financial Holdings (PROV) to Neutral
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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."
Shares of Provident Financial Holdings closed at $15.48 yesterday.
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