ABC Arbitrage SA Invests $1.78 Million in Provident Bancorp, Inc. $PVBC

ABC Arbitrage SA purchased a new stake in Provident Bancorp, Inc. (NASDAQ:PVBC) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 142,236 shares of the bank’s stock, valued at approximately $1,777,000. ABC Arbitrage SA owned 0.80% of Provident Bancorp as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PVBC. Strs Ohio acquired a new stake in Provident Bancorp during the first quarter worth about $80,000. Nuveen LLC bought a new position in shares of Provident Bancorp during the first quarter valued at approximately $259,000. Summit Wealth Group LLC acquired a new stake in shares of Provident Bancorp during the 2nd quarter worth approximately $312,000. Goldman Sachs Group Inc. lifted its holdings in shares of Provident Bancorp by 13.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 43,472 shares of the bank’s stock worth $499,000 after purchasing an additional 5,082 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Provident Bancorp by 7.1% during the 1st quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank’s stock valued at $641,000 after purchasing an additional 3,700 shares during the period. Institutional investors own 74.61% of the company’s stock.

Provident Bancorp Stock Performance

PVBC stock opened at $12.82 on Thursday. The company has a market capitalization of $227.94 million, a P/E ratio of 17.09 and a beta of 0.37. The company has a 50-day simple moving average of $12.66 and a 200 day simple moving average of $12.26. Provident Bancorp, Inc. has a fifty-two week low of $10.38 and a fifty-two week high of $13.02. The company has a quick ratio of 1.11, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Provident Bancorp (NASDAQ:PVBC) last announced its earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $14.74 million during the quarter, compared to analyst estimates of $15.20 million. Provident Bancorp had a net margin of 13.52% and a return on equity of 5.32%. Sell-side analysts predict that Provident Bancorp, Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PVBC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Bancorp in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Provident Bancorp to a “hold” rating in a research report on Saturday, September 20th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.50.

Provident Bancorp Profile

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.