Bank of New York Mellon Corp Raises Holdings in Provident Bancorp, Inc. (NASDAQ:PVBC)

Bank of New York Mellon Corp boosted its stake in shares of Provident Bancorp, Inc. (NASDAQ:PVBC) by 7.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,829 shares of the bank’s stock after acquiring an additional 3,700 shares during the quarter. Bank of New York Mellon Corp owned 0.31% of Provident Bancorp worth $641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PVBC. Alliancebernstein L.P. increased its holdings in Provident Bancorp by 30.2% during the 4th quarter. Alliancebernstein L.P. now owns 502,431 shares of the bank’s stock valued at $5,728,000 after purchasing an additional 116,616 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Provident Bancorp by 15.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 412,215 shares of the bank’s stock worth $4,699,000 after acquiring an additional 55,174 shares during the period. Fourthstone LLC purchased a new position in shares of Provident Bancorp during the 4th quarter worth approximately $498,000. Kennedy Capital Management LLC grew its holdings in shares of Provident Bancorp by 10.3% during the 4th quarter. Kennedy Capital Management LLC now owns 450,738 shares of the bank’s stock worth $5,138,000 after acquiring an additional 42,226 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Provident Bancorp by 45.7% during the 4th quarter. JPMorgan Chase & Co. now owns 73,644 shares of the bank’s stock worth $840,000 after acquiring an additional 23,090 shares during the period. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Provident Bancorp Stock Performance

Shares of PVBC opened at $12.14 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average price is $12.16 and its 200-day moving average price is $11.74. Provident Bancorp, Inc. has a 52 week low of $9.67 and a 52 week high of $13.02. The stock has a market cap of $215.97 million, a P/E ratio of 19.27 and a beta of 0.32.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.05. The business had revenue of $15.76 million for the quarter, compared to analysts’ expectations of $15.00 million. Provident Bancorp had a return on equity of 4.60% and a net margin of 11.26%. Equities research analysts anticipate that Provident Bancorp, Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Stephens reduced their target price on Provident Bancorp from $13.00 to $12.50 and set an “equal weight” rating on the stock in a report on Thursday, May 8th.

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.