Provident Financial plc (PFG) Given Hold Rating at Peel Hunt

Provident Financial

Barclays has downgraded the stock as a precaution ahead of this week's trading update

A number of research analysts recently issued reports on PFG shares. Shore Capital reaffirmed a buy rating on shares of Provident Financial plc in a research report on Monday, August 28th. Royal Bank of Canada upgraded shares of Provident Financial plc to an "outperform" rating and boosted their target price for the company from GBX 3,000 ($38.54) to GBX 3,200 ($41.10) in a research report on Friday, March 24th. There are now 148,228,571 shares in issue with the average daily volume traded being 1,142,851.

Shares of Provident Financial plc (LON PFG) traded down 1.44% during trading on Wednesday, reaching GBX 789.00. With the last stock price close down -64.53% from the two hundred day average, compared with the S&P 500 Index which has increased 0.03% over the date range.

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Provident Financial plc has a 50 day moving average of 1,149.00 GBX and a 200 Day Moving Average share price is recorded at 2,425.58. Numis Securities Ltd reaffirmed a buy rating and issued a GBX 1,091 ($14.34) target price on shares of Provident Financial plc in a research report on Wednesday, August 30th. Provident Financial plc now has a consensus rating of "Buy" and a consensus price target of GBX 3,131.82 ($40.23). One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company's stock. Market capitalisation for LON:PFG is £1,186,569,711 GBP. The stock now has an average rating of "Hold" and a consensus target price of GBX 2,283.92 ($30.03).

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Troubled subprime lender Provident Financial confirmed that it will book heavy losses at its consumer credit business this year, but claimed that it is making progress with a turnaround plan.

Provident said its Vanquis Bank division has delivered good growth through the third quarter against tightening credit standards. The Company serves non-standard credit customers with a range of products from credit cards and vehicle finance, to home credit and online unsecured, and guarantor loans.

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