Provident Bancorp Inc (NASDAQ:PVBC) Position Raised by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC increased its position in shares of Provident Bancorp Inc (NASDAQ:PVBC - Free Report) by 174.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,314 shares of the bank's stock after buying an additional 57,392 shares during the period. Pallas Capital Advisors LLC owned about 0.51% of Provident Bancorp worth $973,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PVBC. Renaissance Technologies LLC lifted its position in Provident Bancorp by 2.9% during the second quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank's stock valued at $941,000 after purchasing an additional 2,600 shares during the period. Empowered Funds LLC lifted its stake in Provident Bancorp by 8.0% in the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank's stock worth $322,000 after purchasing an additional 2,625 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Provident Bancorp by 14.7% during the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank's stock worth $217,000 after buying an additional 2,728 shares during the last quarter. Marshall Wace LLP grew its position in Provident Bancorp by 43.3% in the second quarter. Marshall Wace LLP now owns 27,491 shares of the bank's stock worth $280,000 after acquiring an additional 8,307 shares during the period. Finally, Spinnaker Trust purchased a new stake in Provident Bancorp in the 2nd quarter valued at about $110,000. Institutional investors own 74.61% of the company's stock.

Provident Bancorp Price Performance

NASDAQ PVBC traded up $0.08 during mid-day trading on Wednesday, hitting $10.59. The stock had a trading volume of 21,460 shares, compared to its average volume of 49,589. The company has a market cap of $187.13 million, a price-to-earnings ratio of 33.44 and a beta of 0.45. Provident Bancorp Inc has a 52-week low of $7.36 and a 52-week high of $12.32. The company has a 50 day simple moving average of $10.57 and a 200 day simple moving average of $10.13. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its quarterly earnings data on Monday, July 29th. The bank reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.25). The company had revenue of $23.40 million for the quarter. Provident Bancorp had a net margin of 5.53% and a return on equity of 2.37%. Equities analysts forecast that Provident Bancorp Inc will post 0.26 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Stephens reaffirmed an "equal weight" rating and issued a $11.00 price target on shares of Provident Bancorp in a report on Tuesday, July 30th.

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.