Wall Street Zen Upgrades Provident Bancorp (NASDAQ:PVBC) to Hold

Provident Bancorp (NASDAQ:PVBC) was upgraded by Wall Street Zen to a “hold” rating in a research note issued to investors on Saturday.

Provident Bancorp Price Performance

PVBC stock opened at $12.78 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.04. Provident Bancorp has a one year low of $10.09 and a one year high of $13.02. The firm has a market capitalization of $227.23 million, a PE ratio of 20.29 and a beta of 0.34. The firm has a 50-day moving average of $12.64 and a two-hundred day moving average of $11.91.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.56%. The company had revenue of $15.76 million during the quarter, compared to analyst estimates of $15.00 million. On average, analysts forecast that Provident Bancorp will post 0.43 earnings per share for the current year.

Institutional Trading of Provident Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. lifted its position in shares of Provident Bancorp by 55.5% in the second quarter. Alliancebernstein L.P. now owns 887,229 shares of the bank’s stock worth $11,081,000 after purchasing an additional 316,808 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Provident Bancorp by 2.6% in the second quarter. Geode Capital Management LLC now owns 392,696 shares of the bank’s stock worth $4,906,000 after purchasing an additional 10,082 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Provident Bancorp in the second quarter worth approximately $2,498,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Provident Bancorp in the second quarter worth approximately $2,248,000. Finally, ABC Arbitrage SA purchased a new stake in shares of Provident Bancorp in the second quarter worth approximately $1,777,000. 74.61% of the stock is 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.