Provident Bancorp (NASDAQ:PVBC) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Provident Bancorp (NASDAQ:PVBC) posted its earnings results on Thursday. The bank reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03, Zacks reports. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%.The business had revenue of $14.74 million during the quarter, compared to analysts’ expectations of $15.20 million.

Provident Bancorp Trading Up 0.2%

Shares of PVBC stock opened at $12.72 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $12.67 and a two-hundred day moving average price of $12.08. Provident Bancorp has a 12-month low of $10.27 and a 12-month high of $13.02. The firm has a market cap of $226.16 million, a P/E ratio of 20.19 and a beta of 0.33.

Analysts Set New Price Targets

Several research firms recently commented on PVBC. Wall Street Zen upgraded Provident Bancorp to a “hold” rating in a research report on Saturday, September 20th. Weiss Ratings restated a “hold (c)” rating on shares of Provident Bancorp in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Provident Bancorp has a consensus rating of “Hold” and an average target price of $12.50.

Institutional Investors Weigh In On Provident Bancorp

Several hedge funds have recently added to or reduced their stakes in PVBC. Tower Research Capital LLC TRC lifted its stake in Provident Bancorp by 400.8% during the second quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank’s stock worth $64,000 after purchasing an additional 4,116 shares during the last quarter. Strs Ohio bought a new stake in shares of Provident Bancorp in the 1st quarter valued at about $80,000. Jane Street Group LLC bought a new stake in shares of Provident Bancorp in the 2nd quarter valued at about $144,000. Qube Research & Technologies Ltd bought a new stake in shares of Provident Bancorp in the 2nd quarter valued at about $199,000. Finally, Water Island Capital LLC bought a new stake in shares of Provident Bancorp in the 2nd quarter valued at about $232,000. 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.