Provident Financial backtracks on home credit strategy as it launches recovery plan

Provident Financial PLC

Provident Financial backtracks on home credit strategy as it launches recovery plan

Provident Financial plc (LON:PFG)'s stock had its "buy" rating restated by investment analysts at Numis Securities Ltd in a note issued to investors on Monday. The stock's 50 day moving average price is GBX 813.42 and its 200 day moving average price is GBX 2,233.15.

Other equities analysts also recently issued reports about the company. They now have a GBX 870 ($11.44) price target on the stock.

In August, the lender's share price plummeted after the business reported a "rapid deterioration" of its home credit business at which point Provident confirmed chief executive Peter Crook had stepped down with and that Manjit Wolstenholme will assume the role of executive chairman. JPMorgan Chase & Co. boosted their target price on shares of Provident Financial plc from GBX 3,400 ($43.67) to GBX 3,650 ($46.89) and gave the company an "overweight" rating in a research report on Wednesday, April 5th. 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. Provident Financial plc now has a consensus rating of "Buy" and a consensus price target of GBX 3,131.82 ($40.23). The stock now has an average rating of "Hold" and a consensus target price of GBX 2,283.92 ($30.03). The consensus target price is 2,855.27GBX with 2 firms rating the stock a strong buy, 2 firms rating the stock a buy, 6 firms rating the stock a hold, 0 firms rating the stock a underperform, and finally 2 firms rating the stock a sell. Provident Financial plc has a one year low of GBX 2,125.00 and a one year high of GBX 3,402.27. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of USA and global copyright and trademark legislation.

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.

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