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

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Canaccord Genuity reiterated a "buy" rating and set a GBX 3,430 ($45.10) target price on shares of Provident Financial plc in a research report on Thursday, June 22nd. Citigroup Inc. downgraded Provident Financial plc to a neutral rating in a report on Wednesday, August 23rd. They now have a GBP 3430.00p price target on the stock. 2 brokerages rating the stock a strong buy, 2 firms rating the stock a buy, 6 analysts rating the company a hold, zero analysts rating the company a underperform, and finally two equity analysts rating the company a sell with a one year target of 2,855.27GBX.

Jefferies analyst Phil Dobbin retained his "hold" rating on the shares on the news.

23/05/2017 - Provident Financial had its "Neutral" rating reiterated by analysts at Goldman Sachs.

12/05/2017 - Provident Financial had its "Buy" rating reiterated by analysts at Shore Capital. The legal version of this piece can be viewed at https://www.truebluetribune.com/2017/10/13/provident-financial-plc-pfg-given-hold-rating-at-peel-hunt.html. They now have a GBP 2770.00p price target on the stock.

Neil Wilson, ETX Capital's senior market analyst said the recovery plan for Provident's home credit business, "is flawed".

Shares of Provident Financial plc (LON:PFG) traded down 0.20% during mid-day trading on Wednesday, reaching GBX 3051.00. The company's 50-day moving average is 818.46GBX and its 200-day moving average is 2,213.03GBX.

Crisis-hit lender Provident has revealed its plans to stabilise the business and improve its financial performance, though the group still stands to make a significant loss. The Company serves non-standard credit customers with a range of products from credit cards and auto finance, to home credit and online unsecured, and guarantor loans.

Manjit Wolstenholme, Executive Chairman, said: "Since the last update, we have moved quickly to appoint new leadership in home credit who have a deep understanding of the business and recognise the importance of the relationship between our front-line staff and our customers". Provident still doesn't have a CEO, and the financial watchdog is investigating sales of its Repayment Option Plan to Vanquis Bank customers, a product which looks a lot like PPI. It added that its Satsuma online loans unit also made good progress, and its Moneybarn vehicle-finance unit has enjoyed a good flow of new business volumes.

In today's interim management statement, Provident says progress to date "is in line with the recovery plan" and confirmed that losses for the Consumer Credit Division would be between £80m and £120m for 2017 as a whole. Its Central segment includes its subsidiary, Central Provident Investments plc.

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