Provident Bancorp Inc (NASDAQ:PVBC)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.62 and traded as high as $12.38. Provident Bancorp shares last traded at $12.10, with a volume of 21,959 shares.
PVBC has been the subject of a number of research reports. TheStreet raised Provident Bancorp from a “c+” rating to a “b” rating in a research note on Friday, November 13th. Zacks Investment Research cut shares of Provident Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 11th. Finally, ValuEngine raised shares of Provident Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, December 1st. Four research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $11.00.
The stock has a fifty day moving average of $11.62 and a 200-day moving average of $9.08. The firm has a market capitalization of $235.04 million, a price-to-earnings ratio of 15.92 and a beta of 0.90.
Several hedge funds have recently added to or reduced their stakes in PVBC. TCW Group Inc. raised its stake in Provident Bancorp by 18.9% during the 3rd quarter. TCW Group Inc. now owns 612,704 shares of the bank’s stock valued at $4,773,000 after purchasing an additional 97,278 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Provident Bancorp by 275.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 66,436 shares of the bank’s stock worth $522,000 after purchasing an additional 48,758 shares during the period. Strs Ohio raised its position in shares of Provident Bancorp by 90.7% during the third quarter. Strs Ohio now owns 53,200 shares of the bank’s stock valued at $414,000 after buying an additional 25,300 shares during the last quarter. Rockland Trust Co. lifted its stake in shares of Provident Bancorp by 21.4% in the fourth quarter. Rockland Trust Co. now owns 51,088 shares of the bank’s stock valued at $613,000 after buying an additional 9,000 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Provident Bancorp by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 48,156 shares of the bank’s stock worth $378,000 after buying an additional 5,330 shares in the last quarter. Institutional investors and hedge funds own 39.72% of the company’s stock.
About Provident Bancorp (NASDAQ:PVBC)
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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