Provident Bancorp (NASDAQ:PVBC) Shares Cross Above Fifty Day Moving Average of $10.59

Provident Bancorp Inc (NASDAQ:PVBC) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $10.59 and traded as high as $11.05. Provident Bancorp shares last traded at $10.91, with a volume of 20,465 shares trading hands.

Analyst Ratings Changes

Separately, Stephens reiterated an “equal weight” rating and set a $11.00 price objective on shares of Provident Bancorp in a research note on Tuesday, July 30th.

Provident Bancorp Price Performance

The stock’s 50-day moving average is $10.62 and its 200 day moving average is $9.77. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $194.75 million, a PE ratio of 13.13 and a beta of 0.46.

Provident Bancorp (NASDAQ:PVBC) last posted its earnings results on Monday, July 29th. The bank reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.25). Provident Bancorp had a net margin of 7.28% and a return on equity of 3.17%. The firm had revenue of $23.40 million for the quarter. On average, equities analysts anticipate that Provident Bancorp Inc will post 0.5 earnings per share for the current fiscal year.

Insider Activity at Provident Bancorp

In related news, CFO Kenneth R. Fisher purchased 5,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was acquired at an average price of $9.61 per share, with a total value of $48,050.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at approximately $48,050. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Kenneth R. Fisher purchased 5,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was acquired at an average price of $9.61 per share, with a total value of $48,050.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at approximately $48,050. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dennis Pollack purchased 10,000 shares of the firm’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 acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $99,200. The disclosure for this purchase can be found here. Insiders bought 16,075 shares of company stock valued at $158,161 over the last 90 days. Insiders own 3.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Stilwell Value LLC raised its holdings in shares of Provident Bancorp by 0.6% during the fourth quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock worth $18,443,000 after purchasing an additional 10,601 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Provident Bancorp by 16.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after buying an additional 46,964 shares during the period. Renaissance Technologies LLC grew its position in Provident Bancorp by 2.9% during the second quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock valued at $941,000 after buying an additional 2,600 shares during the period. Bank of New York Mellon Corp grew its position in Provident Bancorp by 135.7% during the second quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock valued at $657,000 after buying an additional 37,151 shares during the period. Finally, Empowered Funds LLC grew its position in Provident Bancorp by 8.0% during the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after buying an additional 2,625 shares during the period. Hedge funds and other 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.