Provident Bancorp (NASDAQ:PVBC) Issues Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Provident Bancorp (NASDAQ:PVBC) released its earnings results on Thursday. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.24, Zacks reports. Provident Bancorp had a return on equity of 2.36% and a net margin of 5.53%.

Provident Bancorp Stock Up 0.1 %

Shares of PVBC stock traded up $0.01 during trading hours on Thursday, reaching $10.92. The company had a trading volume of 18,568 shares, compared to its average volume of 22,741. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. Provident Bancorp has a twelve month low of $7.36 and a twelve month high of $12.32. The company has a market capitalization of $193.61 million, a P/E ratio of 34.13 and a beta of 0.48. The stock’s fifty day simple moving average is $11.30 and its 200 day simple moving average is $10.90.

Wall Street Analyst Weigh In

Separately, Stephens upped their price target on Provident Bancorp from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 20th.

About Provident Bancorp

Provident Bancorp, Inc is a Maryland corporation that was formed in 2019 to be the successor corporation to Provident Bancorp, Inc, a Massachusetts corporation, and the holding company for The Provident Bank. The Provident Bank, a subsidiary of Provident Bancorp, Inc is an innovative, commercial bank that finds solutions for its business and private clients.