Provident Bancorp (NASDAQ:PVBC) Share Price Passes Above 50-Day Moving Average – Here’s What Happened

Shares of Provident Bancorp, Inc. (NASDAQ:PVBC) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $12.67 and traded as high as $12.95. Provident Bancorp shares last traded at $12.72, with a volume of 86,914 shares.

Analysts Set New Price Targets

PVBC has been the topic of a number of research analyst reports. Wall Street Zen upgraded Provident Bancorp to a “hold” rating in a report on Saturday, September 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Bancorp in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.50.

Provident Bancorp Stock Up 0.2%

The stock’s 50 day simple moving average is $12.67 and its two-hundred day simple moving average is $12.08. The firm has a market cap of $226.16 million, a P/E ratio of 20.19 and a beta of 0.33. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.11 and a quick ratio of 1.11.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%. As a group, research analysts forecast that Provident Bancorp, Inc. will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On Provident Bancorp

Large investors have recently modified their holdings of the stock. Nuveen LLC purchased a new stake in Provident Bancorp during the 1st quarter valued at about $259,000. Goldman Sachs Group Inc. lifted its position in Provident Bancorp by 13.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 43,472 shares of the bank’s stock valued at $499,000 after acquiring an additional 5,082 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Provident Bancorp by 7.1% in the 1st quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank’s stock valued at $641,000 after acquiring an additional 3,700 shares in the last quarter. Jane Street Group LLC purchased a new stake in Provident Bancorp during the 2nd quarter valued at $144,000. Finally, Strs Ohio bought a new stake in shares of Provident Bancorp in the 1st quarter worth $80,000. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Provident Bancorp Company 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.