Provident Bancorp (NASDAQ:PVBC) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday.

Shares of Provident Bancorp (PVBC) traded up $1.05 during trading on Friday, hitting $24.80. 5,816 shares of the company traded hands, compared to its average volume of 4,557. The company has a market cap of $228.66, a price-to-earnings ratio of 27.62 and a beta of 0.28. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.68. Provident Bancorp has a 12 month low of $16.45 and a 12 month high of $25.80.

Institutional investors have recently made changes to their positions in the stock. Teachers Advisors LLC grew its holdings in shares of Provident Bancorp by 67.6% during the 2nd quarter. Teachers Advisors LLC now owns 7,858 shares of the bank’s stock valued at $177,000 after purchasing an additional 3,169 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new stake in shares of Provident Bancorp during the 3rd quarter valued at approximately $202,000. Bank of New York Mellon Corp grew its holdings in shares of Provident Bancorp by 4.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,770 shares of the bank’s stock valued at $378,000 after purchasing an additional 775 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Provident Bancorp by 27.2% during the 2nd quarter. Northern Trust Corp now owns 53,185 shares of the bank’s stock valued at $1,196,000 after purchasing an additional 11,358 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Provident Bancorp by 11.7% during the 2nd quarter. State Street Corp now owns 68,305 shares of the bank’s stock valued at $1,537,000 after purchasing an additional 7,147 shares during the last quarter. 18.45% of the stock is currently owned by institutional investors.

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About Provident Bancorp

Provident Bancorp, Inc is the holding company of The Provident Bank. The Provident Bank is a community bank that serves the banking needs of its customers. The Provident Bank operates from its main office and over two branch offices in the Northeastern Massachusetts area and over four branch offices in Southeastern New Hampshire, and one branch is located in Bedford, New Hampshire.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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