Citigroup Inc. Invests $243,000 in Provident Bancorp Inc (NASDAQ:PVBC)

Citigroup Inc. bought a new stake in Provident Bancorp Inc (NASDAQ:PVBC) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 25,064 shares of the bank’s stock, valued at approximately $243,000. Citigroup Inc. owned 0.14% of Provident Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Provident Bancorp by 7.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 19,497 shares of the bank’s stock worth $306,000 after acquiring an additional 1,415 shares during the last quarter. Wolverine Trading LLC raised its stake in Provident Bancorp by 6.8% in the 2nd quarter. Wolverine Trading LLC now owns 24,291 shares of the bank’s stock worth $201,000 after acquiring an additional 1,553 shares during the last quarter. Deutsche Bank AG raised its stake in Provident Bancorp by 35.7% in the 1st quarter. Deutsche Bank AG now owns 8,724 shares of the bank’s stock worth $60,000 after acquiring an additional 2,293 shares during the last quarter. Two Sigma Advisers LP raised its stake in Provident Bancorp by 4.3% in the 1st quarter. Two Sigma Advisers LP now owns 56,000 shares of the bank’s stock worth $383,000 after acquiring an additional 2,300 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Provident Bancorp by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 97,441 shares of the bank’s stock worth $944,000 after acquiring an additional 2,393 shares during the last quarter. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Provident Bancorp Stock Performance

Shares of PVBC stock opened at $8.61 on Thursday. The firm has a market capitalization of $152.31 million, a price-to-earnings ratio of 12.85 and a beta of 0.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day moving average of $9.94 and a 200 day moving average of $9.85. Provident Bancorp Inc has a 1 year low of $5.76 and a 1 year high of $11.52.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.18 earnings per share for the quarter. The business had revenue of $15.21 million during the quarter. Provident Bancorp had a return on equity of 5.10% and a net margin of 11.25%. As a group, research analysts expect that Provident Bancorp Inc will post 0.25 earnings per share for the current year.

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.