Economy

Provident Financial plc (PFG) Downgraded by Barclays PLC to Underweight

Provident Financial plc (PFG) Downgraded by Barclays PLC to Underweight”

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.

Barclays lowered its rating on Provident from "equal weight" to "underweight" yesterday, lowering its price target on the shares from 600p to 584p. 2,392,084 shares of the company's stock were exchanged. The 1 year high for the share price is 3295.45 GBX while the 52 week low is 426.6 GBX. 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. Finally, Liberum Capital downgraded shares of Provident Financial plc to a "sell" rating and set a GBX 2,770 ($35.58) target price on the stock.in a research report on Wednesday, May 10th. The stock's market cap is GBX 1.12 billion. Shore Capital reaffirmed a buy rating on shares of Provident Financial plc in a research report on Monday, August 28th.

Provident Financial PLC (PFG.LN) confirmed Friday that it will not pay a full-year dividend for 2017, as it continues to implement a recovery plan for its home-collected credit business. Jefferies Group LLC reduced their price objective on Provident Financial plc from GBX 3,845 ($50.55) to GBX 3,478 ($45.73) and set a "buy" rating on the stock in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company's stock. Provident Financial plc now has a consensus rating of "Buy" and a consensus price target of GBX 3,131.82 ($40.23). If you are accessing this article on another publication, it was illegally stolen and reposted in violation of United States & global trademark & copyright legislation. 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.

Provident Financial plc is a United Kingdom-based non-standard lender.

Progress is now in line with the recovery, but the consumer credit division sets to make a loss of between £80m and £120m for 2017.

The business' Vanquis Bank and Satsuma brands have both made good progress and Moneybarn has continued to enjoy a good flow of new business volumes.



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