Provident Bancorp (NASDAQ:PVBC) Issues Quarterly Earnings Results

Provident Bancorp (NASDAQ:PVBC) announced its quarterly earnings results on Monday. The bank reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.25), Yahoo Finance reports. The company had revenue of $23.40 million for the quarter. Provident Bancorp had a net margin of 14.09% and a return on equity of 6.27%.

Provident Bancorp Trading Down 5.9 %

Shares of NASDAQ PVBC traded down $0.68 during midday trading on Tuesday, reaching $10.77. 9,664 shares of the stock were exchanged, compared to its average volume of 55,876. The stock has a market capitalization of $190.20 million, a P/E ratio of 12.82 and a beta of 0.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50 day simple moving average of $10.30 and a 200 day simple moving average of $9.80. Provident Bancorp has a twelve month low of $7.36 and a twelve month high of $12.32.

Wall Street Analyst Weigh In

Separately, Stephens restated an “equal weight” rating and set a $11.00 price objective on shares of Provident Bancorp in a research report on Tuesday.

Insider Activity at Provident Bancorp

In other Provident Bancorp news, major shareholder Joseph Stilwell sold 75,000 shares of Provident Bancorp stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total value of $721,500.00. Following the sale, the insider now owns 271,014 shares in the company, valued at $2,607,154.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Dennis Pollack bought 10,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was bought at an average cost of $9.92 per share, with a total value of $99,200.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $99,200. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Joseph Stilwell sold 75,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total transaction of $721,500.00. Following the sale, the insider now directly owns 271,014 shares in the company, valued at approximately $2,607,154.68. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 16,075 shares of company stock worth $158,161. Insiders own 3.88% of the company’s stock.

Provident Bancorp Company Profile

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.