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

Home credit lending has fallen by a third since June

They now have a GBX 870 ($11.44) price target on the stock.

A number of research analysts recently issued reports on PFG shares.

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 PLC lowered shares of Provident Financial plc to an "underweight" rating and set a GBX 584 ($7.68) price objective on the stock.in a report on Wednesday. Numis Securities Ltd restated a "buy" rating and issued a GBX 1,097 ($14.42) price objective on shares of Provident Financial plc in a report on Monday. 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.

Shares of Provident Financial plc (LON:PFG) traded down 4.30% during mid-day trading on Wednesday, reaching GBX 800.50. 587,039 shares of the company's stock were exchanged. Provident Financial plc has a 12-month low of GBX 426.60 and a 12-month high of GBX 3,284.00. The stock has a 50 day moving average price of GBX 813.42 and a 200 day moving average price of GBX 2,233.15. The company's market capitalization is GBX 1.14 billion.

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Shares in Provident Financial (LON:PFG) closed more than four percent lower yesterday, as Barclays turned bearish on the troubled subprime lender. If you are accessing this piece on another publication, it was copied illegally and republished in violation of US & worldwide trademark & copyright legislation. The original version of this piece can be read at https://stocknewstimes.com/2017/10/12/provident-financial-plc-pfg-downgraded-by-barclays-plc-to-underweight.html.

Provident added that measures taken already had started to steady the business but there would still be a big loss this year while it confirmed the dividend has been axed.

The company said on Friday that it will now move from having two United Kingdom divisions to four at its home credit business, increasing the number of regional managers, and employing at least 300 part-time staff who used to work as self-employed agents.

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. 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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