Provident Bancorp (NASDAQ:PVBC) Stock Price Passes Above 50-Day Moving Average of $8.56

Shares of Provident Bancorp Inc (NASDAQ:PVBC – Get Rating) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $8.56 and traded as high as $8.61. Provident Bancorp shares last traded at $7.97, with a volume of 371,615 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PVBC shares. Stephens lowered Provident Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, November 16th. TheStreet downgraded Provident Bancorp from a “c” rating to a “d” rating in a research report on Tuesday, January 17th.

Provident Bancorp Trading Down 6.5 %

The stock has a market capitalization of $140.83 million, a P/E ratio of 7.97 and a beta of 0.70. The business’s fifty day simple moving average is $8.56 and its two-hundred day simple moving average is $10.41.

Provident Bancorp (NASDAQ:PVBC – Get Rating) last released its earnings results on Friday, January 27th. The bank reported $0.16 earnings per share for the quarter. The company had revenue of $20.68 million during the quarter. On average, equities research analysts anticipate that Provident Bancorp Inc will post 0.8 earnings per share for the current year.

Institutional Trading of Provident Bancorp

Institutional investors have recently modified their holdings of the company. M3F Inc. boosted its stake in Provident Bancorp by 23.0% during the fourth quarter. M3F Inc. now owns 1,243,983 shares of the bank’s stock worth $9,056,000 after buying an additional 232,847 shares in the last quarter. Jacobs Asset Management LLC boosted its position in shares of Provident Bancorp by 18.1% during the 2nd quarter. Jacobs Asset Management LLC now owns 462,165 shares of the bank’s stock valued at $7,256,000 after acquiring an additional 70,761 shares in the last quarter. BHZ Capital Management LP acquired a new position in Provident Bancorp in the fourth quarter worth about $2,399,000. Kennedy Capital Management Inc. lifted its stake in Provident Bancorp by 51.2% during the second quarter. Kennedy Capital Management Inc. now owns 294,224 shares of the bank’s stock worth $4,619,000 after purchasing an additional 99,655 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Provident Bancorp by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 273,298 shares of the bank’s stock worth $1,989,000 after purchasing an additional 7,885 shares during the period. Institutional investors and hedge funds own 47.99% of the company’s stock.

Provident Bancorp Company Profile

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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.