Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50 Day Moving Average – Here’s What Happened

Provident Bancorp Inc (NASDAQ:PVBC)’s stock price passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $11.79 and traded as high as $11.90. Provident Bancorp shares last traded at $11.47, with a volume of 63,688 shares changing hands.

Provident Bancorp Price 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 company has a market cap of $203.36 million, a price-to-earnings ratio of 26.67 and a beta of 0.45. The company’s 50-day simple moving average is $11.79 and its 200-day simple moving average is $11.25.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.24. Provident Bancorp had a net margin of 7.62% and a return on equity of 3.22%. On average, equities research analysts anticipate that Provident Bancorp Inc will post 0.43 EPS for the current year.

Institutional Trading of Provident Bancorp

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in shares of Provident Bancorp during the fourth quarter worth approximately $62,000. MetLife Investment Management LLC lifted its stake in Provident Bancorp by 129.1% during the third 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 last quarter. Wells Fargo & Company MN lifted its stake in Provident Bancorp by 23.8% during the fourth 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 last quarter. Deutsche Bank AG bought a new position in Provident Bancorp during the fourth quarter worth $156,000. Finally, Corient Private Wealth LLC bought a new position in Provident Bancorp during the fourth quarter worth $162,000. Institutional investors and hedge funds own 74.61% of the company’s stock.

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.