Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50-Day Moving Average – What’s Next?

Provident Bancorp Inc (NASDAQ:PVBC) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $11.79 and traded as high as $11.90. Provident Bancorp shares last traded at $11.47, with a volume of 63,688 shares trading hands.

Provident Bancorp Price Performance

The firm’s 50 day moving average is $11.79 and its 200 day moving average is $11.26. The firm has a market cap of $203.36 million, a P/E ratio of 26.67 and a beta of 0.45. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09.

Provident Bancorp (NASDAQ:PVBC) last released its earnings results on Thursday, January 23rd. The bank reported $0.29 EPS for the quarter, topping the consensus estimate of $0.05 by $0.24. Provident Bancorp had a return on equity of 3.22% and a net margin of 7.62%. As a group, analysts anticipate that Provident Bancorp Inc will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in Provident Bancorp in the 4th quarter worth approximately $62,000. MetLife Investment Management LLC boosted its stake in shares of Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after buying an additional 5,177 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Provident Bancorp by 23.8% during the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock valued at $108,000 after purchasing an additional 1,824 shares during the period. Deutsche Bank AG purchased a new stake in Provident Bancorp during the fourth quarter valued at approximately $156,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Provident Bancorp in the 4th quarter worth $162,000. Institutional investors own 74.61% 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.