City watchdog FCA investigates vehicle finance firm Moneybarn

Galtero Lara
Diciembre 7, 2017

Several other equities analysts have also weighed in on PFG.

The City watchdog's Moneybarn inquiry takes place amid broader regulatory concern about the scale of credit card debt and a spike in auto loans amid the squeeze on household budgets caused by inflation outpacing wage growth. Liberum Capital now has a GBX 483 ($6.50) price target on the stock. Shore Capital reissued an "under review" rating on shares of Provident Financial in a report on Tuesday, August 22nd.

The latest shares plunge came after Bradford-based Provident Financial announced the investigation and said it would work with the watchdog. Finally, J P Morgan Chase & Co reaffirmed a neutral rating and issued a GBX 1,200 ($16.07) price objective on shares of Provident Financial in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. The stock now has a consensus rating of "Hold" and an average target price of GBX 1,596.31 ($21.48).

Provident Financial (LON:PFG) traded down GBX 22 ($0.29) on Friday, reaching GBX 866.50 ($11.60). The company had a trading volume of 478,460 shares, compared to its average volume of 1,280,000.

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The FCA granted Moneybarn authorisation to conduct consumer credit activities only last summer. Its segments include Vanquis Bank, CCD, Moneybarn and Central.

The probe comes amid growing unease about lax credit standards across the auto finance sector and calls for the regulator to tighten the rules.

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