Provident Bancorp (NASDAQ:PVBC) Given New $12.00 Price Target at Stephens

Provident Bancorp (NASDAQ:PVBC) had its price objective increased by stock analysts at Stephens from $11.00 to $12.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Stephens’ target price would indicate a potential upside of 9.34% from the stock’s current price.

Provident Bancorp Price Performance

Shares of Provident Bancorp stock opened at $10.98 on Wednesday. The company has a 50-day simple moving average of $10.68 and a two-hundred day simple moving average of $10.38. Provident Bancorp has a twelve month low of $7.36 and a twelve month high of $12.32. The stock has a market capitalization of $194.59 million, a price-to-earnings ratio of 34.30 and a beta of 0.46. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Provident Bancorp

Large investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC raised its holdings in Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after acquiring an additional 5,177 shares in the last quarter. Spinnaker Trust bought a new position in shares of Provident Bancorp in the second quarter worth $110,000. Nvest Financial LLC acquired a new position in Provident Bancorp in the third quarter valued at about $166,000. Rhumbline Advisers lifted its position in Provident Bancorp by 1,670.8% during the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after purchasing an additional 17,293 shares during the period. Finally, Squarepoint Ops LLC grew its stake in Provident Bancorp by 14.7% during the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after buying an additional 2,728 shares in the last quarter. Institutional investors and hedge funds own 74.61% of the company’s stock.

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.