Riverside, California is the 12th largest city in California, located 60 miles east of Hollywood. The city boasts over 300,000 residents and is the home to Provident Financial (NASDAQ:PROV), an under-followed holding company operating 15 Provident Savings Bank F.S.B. locations with mortgage lending focus.
The major catalyst supporting Provident over the coming year is mortgage demand tied to California's improving job market.
Stronger GDP is driving employment and income growth for the Golden State
California's gross domestic product has moved back up toward pre-recession highs, helping boost demand for commercial and industrial real estate.
(click to enlarge)
The increase in economic activity is welcome news given California was one of the hardest hit during the recession. At its...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|