Provident Bancorp (NASDAQ:PVBC) Stock Price Crosses Above Fifty Day Moving Average of $10.59

Shares of Provident Bancorp Inc (NASDAQ:PVBC) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $10.59 and traded as high as $11.05. Provident Bancorp shares last traded at $10.91, with a volume of 20,465 shares trading hands.

Wall Street Analyst Weigh In

Separately, Stephens reaffirmed an “equal weight” rating and set a $11.00 target price on shares of Provident Bancorp in a report on Tuesday, July 30th.

Provident Bancorp Stock Performance

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 fifty day moving average price is $10.59 and its two-hundred day moving average price is $9.77. The stock has a market capitalization of $192.63 million, a PE ratio of 12.99 and a beta of 0.46.

Provident Bancorp (NASDAQ:PVBC) last issued its quarterly earnings data on Monday, July 29th. The bank reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.25). Provident Bancorp had a return on equity of 3.17% and a net margin of 7.28%. The firm had revenue of $23.40 million during the quarter. As a group, equities research analysts forecast that Provident Bancorp Inc will post 0.5 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Joseph Stilwell sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total value of $721,500.00. Following the completion of the sale, the insider now directly owns 271,014 shares in the company, valued at $2,607,154.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Kenneth R. Fisher purchased 5,000 shares of Provident Bancorp stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average price of $9.61 per share, for a total transaction of $48,050.00. Following the transaction, the chief financial officer now directly owns 5,000 shares in the company, valued at $48,050. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Joseph Stilwell sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $9.62, for a total transaction of $721,500.00. Following the completion of the transaction, the insider now directly owns 271,014 shares in the company, valued at $2,607,154.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 16,075 shares of company stock worth $158,161. 3.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Provident Bancorp

Several large investors have recently bought and sold shares of the company. Spinnaker Trust acquired a new stake in shares of Provident Bancorp in the second quarter worth approximately $110,000. Rhumbline Advisers boosted its stake in Provident Bancorp by 1,670.8% during the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after purchasing an additional 17,293 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Provident Bancorp by 14.7% during the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after purchasing an additional 2,728 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Provident Bancorp by 43.3% during the second quarter. Marshall Wace LLP now owns 27,491 shares of the bank’s stock worth $280,000 after buying an additional 8,307 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Provident Bancorp by 8.0% in the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after buying an additional 2,625 shares during the last quarter. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

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.