Barclays PLC Downgrades Provident Financial plc (PFG) to Underweight

Lloyd Doyle
October 13, 2017

The analysts explained that while Provident's share price was down 68 percent in the year-to-date, falling 66 percent on the day of the second profit warning on August 22, it had nevertheless recovered by 42 percent from the trough, despite no new guidance on the consumer credit division or resolution of the Financial Conduct Authority's investigation into its Vanquis unit. 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. There are now 148,228,571 shares in issue with the average daily volume traded being 1,142,851. Provident Financial plc has a 12-month low of GBX 426.60 and a 12-month high of GBX 3,284.00.

Other equities analysts have also issued reports about the company.

Boasting a price of 791.25GBX, Provident Financial PLC (LON:PFG) traded -5.32% lower on the day. Liberum Capital have set their target price at 483 GBX on its stock. The company has a 50 day moving average of GBX 818.46 and a 200-day moving average of GBX 2,213.03. The stock's market cap is GBX 1.12 billion.


Barclays Capital bumped down the target of Provident Financial PLC (LON:PFG) to 584.00GBX stating a potential downside of -0.26%. Two equity analysts rating the company a strong buy, two equity analysts rating the company a buy, six equity analysts rating the company a hold, zero equity 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. 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. 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. 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.

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.

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. Its segments include Vanquis Bank, CCD, Moneybarn and Central. 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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