Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50 Day Moving Average of $11.62

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.

Provident Bancorp (NASDAQ:PVBC) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.07. Provident Bancorp had a return on equity of 7.45% and a net margin of 17.82%. The firm had revenue of $14.91 million for the quarter, compared to analysts’ expectations of $14.17 million. As a group, sell-side analysts predict that Provident Bancorp Inc will post 0.55 earnings per share for the current year.

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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