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

Provident Bancorp Inc (NASDAQ:PVBC) shares 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 trading hands.

Provident Bancorp Trading Up 3.6 %

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

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 business had revenue of $15.21 million during the quarter. Equities analysts forecast that Provident Bancorp Inc will post 0.25 earnings per share for the current year.

Institutional Investors Weigh In On Provident Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Stilwell Value LLC increased its position in shares of Provident Bancorp by 0.6% during the fourth quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock valued at $18,443,000 after acquiring an additional 10,601 shares during the last quarter. Citigroup Inc. acquired a new stake in shares of Provident Bancorp during the third quarter valued at about $243,000. Kennedy Capital Management LLC boosted its stake in shares of Provident Bancorp by 5.0% in the third quarter. Kennedy Capital Management LLC now owns 198,690 shares of the bank’s stock valued at $1,925,000 after purchasing an additional 9,468 shares during the period. Barclays PLC purchased a new position in shares of Provident Bancorp in the third quarter valued at approximately $44,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Provident Bancorp by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 97,441 shares of the bank’s stock valued at $944,000 after purchasing an additional 2,393 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

About Provident Bancorp

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.