In Line - Price 8.68 on Nov. 18
by Fox-Pitt Kelton

Target: 9. Provident announced that it has received the maximum amount of TARP [Troubled Assets Relief Program] preferred capital ($151 million/3% of risk-weighted assets)....[yet] we expect ongoing concerns about the securities portfolio will remain an overhang...we maintain our 9 target (1.3 times projected 2009 tangible book)...we believe Provident wouldn't have a problem paying back the capital. We also assume that risk-weighted assets do not increase by more than 18% by the end of the three-year period. We are lowering our 2008 estimated and 2009E EPS to 8 cents and 60 cents, from 10 cents and 75 cents, respectively, principally to reflect the impact of the $7.55 million annual preferred dividend and warrant...related share dilution. Market cap: $288 million.

Underperform - Price 12.73 on March 4
by Fox-Pitt Kelton Cochran Caronia Waller

Lowering to Underperform on credit/capital concerns...PBKS disclosed it could...write off $47.5 million…a 100% write-off could reduce tangible capital by 50…basis points.

Upgraded by Sun Trust Rbsn Humphrey from Neutral to Buy

safe stock good dividend