Separately, Compass Point cut shares of Provident Bancorp from a buy rating to a neutral rating and dropped their price objective for the stock from $13.50 to $12.00 in a research note on Wednesday, March 4th.
NASDAQ:PVBC opened at $7.91 on Tuesday. The firm’s fifty day simple moving average is $8.50 and its 200-day simple moving average is $10.18. Provident Bancorp has a fifty-two week low of $7.51 and a fifty-two week high of $14.23. The stock has a market cap of $154.09 million, a PE ratio of 11.08 and a beta of 0.96.
Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings data on Friday, May 8th. The bank reported $0.07 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.08). Provident Bancorp had a return on equity of 7.45% and a net margin of 17.06%. The business had revenue of $13.08 million during the quarter.
A number of large investors have recently added to or reduced their stakes in the business. Seidman Lawrence B boosted its stake in shares of Provident Bancorp by 426.3% during the 1st quarter. Seidman Lawrence B now owns 199,138 shares of the bank’s stock worth $1,717,000 after purchasing an additional 161,300 shares during the last quarter. Morgan Stanley grew its stake in Provident Bancorp by 51.0% in the 1st quarter. Morgan Stanley now owns 17,492 shares of the bank’s stock worth $151,000 after acquiring an additional 5,907 shares during the period. Two Sigma Investments LP raised its holdings in Provident Bancorp by 24.0% in the 1st quarter. Two Sigma Investments LP now owns 86,741 shares of the bank’s stock valued at $748,000 after acquiring an additional 16,776 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Provident Bancorp by 88.9% during the 1st quarter. Two Sigma Advisers LP now owns 142,400 shares of the bank’s stock worth $1,227,000 after purchasing an additional 67,000 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Provident Bancorp by 41.5% during the first quarter. Wells Fargo & Company MN now owns 19,988 shares of the bank’s stock worth $172,000 after purchasing an additional 5,865 shares during the last quarter. Institutional investors own 38.88% 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.
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