Provident Bancorp (NASDAQ:PVBC) Share Price Passes Above 50 Day Moving Average – What’s Next?

by · The Markets Daily

Provident Bancorp Inc (NASDAQ:PVBC – Get Free Report)’s share price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $11.71 and traded as high as $11.85. Provident Bancorp shares last traded at $11.28, with a volume of 22,636 shares trading hands.

Wall Street Analyst Weigh In

Separately, Stephens upped their price objective on Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 20th.

View Our Latest Research Report on Provident Bancorp

Provident Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. The business has a 50-day simple moving average of $11.71 and a 200-day simple moving average of $11.22. The firm has a market capitalization of $204.25 million, a PE ratio of 26.79 and a beta of 0.45.

Provident Bancorp (NASDAQ:PVBC – Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.24. Provident Bancorp had a return on equity of 3.22% and a net margin of 7.62%. Equities research analysts expect that Provident Bancorp Inc will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Provident Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets purchased a new stake in shares of Provident Bancorp in the fourth quarter worth approximately $62,000. MetLife Investment Management LLC increased its holdings in Provident Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after purchasing an additional 5,177 shares during the period. Wells Fargo & Company MN increased its holdings in Provident Bancorp by 23.8% during the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock worth $108,000 after purchasing an additional 1,824 shares during the period. Deutsche Bank AG purchased a new position in Provident Bancorp during the 4th quarter worth $156,000. Finally, Corient Private Wealth LLC purchased a new position in Provident Bancorp during the 4th quarter worth $162,000. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

About Provident Bancorp

(Get Free Report)

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.

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