Traub Capital Management LLC Acquires Shares of 5,000 Provident Bancorp, Inc. $PVBC

Traub Capital Management LLC bought a new position in shares of Provident Bancorp, Inc. (NASDAQ:PVBC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,000 shares of the bank’s stock, valued at approximately $62,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PVBC. ABC Arbitrage SA purchased a new stake in Provident Bancorp during the 2nd quarter valued at approximately $1,777,000. Summit Wealth Group LLC purchased a new stake in shares of Provident Bancorp during the second quarter worth approximately $312,000. Nuveen LLC acquired a new stake in shares of Provident Bancorp during the first quarter worth $259,000. Geode Capital Management LLC lifted its holdings in shares of Provident Bancorp by 2.6% during the second quarter. Geode Capital Management LLC now owns 392,696 shares of the bank’s stock worth $4,906,000 after purchasing an additional 10,082 shares during the period. Finally, Strs Ohio purchased a new position in Provident Bancorp in the 1st quarter valued at $80,000. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Analyst Upgrades and Downgrades

PVBC has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Provident Bancorp in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Provident Bancorp to a “hold” rating in a research note on Saturday, September 20th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.50.

Provident Bancorp Price Performance

Shares of NASDAQ PVBC opened at $13.50 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Provident Bancorp, Inc. has a one year low of $10.38 and a one year high of $13.75. The firm has a market capitalization of $239.94 million, a P/E ratio of 17.99 and a beta of 0.37. The company’s fifty day moving average is $12.72 and its two-hundred day moving average is $12.35.

Provident Bancorp (NASDAQ:PVBC) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. Provident Bancorp had a net margin of 13.52% and a return on equity of 5.32%. The business had revenue of $14.74 million during the quarter, compared to the consensus estimate of $15.20 million. Analysts forecast that Provident Bancorp, Inc. will post 0.43 EPS for the current fiscal year.

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.