Provident Bancorp (NASDAQ:PVBC) Stock Price Passes Below 50 Day Moving Average of $9.21

Provident Bancorp Inc (NASDAQ:PVBC)’s share price crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $9.21 and traded as low as $7.80. Provident Bancorp shares last traded at $8.11, with a volume of 52,355 shares changing hands.

Provident Bancorp Stock Performance

The company has a market capitalization of $143.22 million, a PE ratio of 12.10 and a beta of 0.51. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The firm’s 50-day simple moving average is $9.21 and its 200-day simple moving average is $9.70.

Provident Bancorp (NASDAQ:PVBC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.18 earnings per share for the quarter. Provident Bancorp had a net margin of 11.25% and a return on equity of 5.06%. The firm had revenue of $15.21 million during the quarter. On average, research analysts predict that Provident Bancorp Inc will post 0.25 earnings per share for the current year.

Institutional Investors Weigh In On Provident Bancorp

Several hedge funds have recently modified their holdings of PVBC. Barclays PLC purchased a new stake in shares of Provident Bancorp in the 3rd quarter worth approximately $44,000. Citigroup Inc. bought a new position in shares of Provident Bancorp during the 3rd quarter worth approximately $243,000. Bank of New York Mellon Corp raised its stake in shares of Provident Bancorp by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 97,441 shares of the bank’s stock worth $944,000 after acquiring an additional 2,393 shares in the last quarter. Kennedy Capital Management LLC raised its stake in shares of Provident Bancorp by 5.0% during the 3rd quarter. Kennedy Capital Management LLC now owns 198,690 shares of the bank’s stock worth $1,925,000 after acquiring an additional 9,468 shares in the last quarter. Finally, Stilwell Value LLC raised its stake in shares of Provident Bancorp by 8.2% during the 3rd quarter. Stilwell Value LLC now owns 1,820,866 shares of the bank’s stock worth $17,644,000 after acquiring an additional 138,274 shares in the last quarter. Hedge funds and other 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.