Pallas Capital Advisors LLC Has $160,000 Stake in Provident Bancorp Inc (NASDAQ:PVBC)

Pallas Capital Advisors LLC lessened its stake in shares of Provident Bancorp Inc (NASDAQ:PVBC - Free Report) by 84.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,000 shares of the bank's stock after selling 76,314 shares during the period. Pallas Capital Advisors LLC owned 0.08% of Provident Bancorp worth $160,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MetLife Investment Management LLC increased its stake in shares of Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank's stock valued at $99,000 after purchasing an additional 5,177 shares during the last quarter. Nvest Financial LLC bought a new position in Provident Bancorp in the third quarter valued at about $166,000. Rhumbline Advisers grew its position in Provident Bancorp by 1,670.8% in the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank's stock valued at $187,000 after acquiring an additional 17,293 shares during the last quarter. Squarepoint Ops LLC raised 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 acquiring an additional 2,728 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Provident Bancorp by 51.6% in the third quarter. Barclays PLC now owns 26,192 shares of the bank's stock worth $283,000 after acquiring an additional 8,911 shares during the last quarter. 74.61% of the stock is owned by institutional investors and hedge funds.

Provident Bancorp Trading Down 2.6 %

NASDAQ PVBC traded down $0.29 on Thursday, hitting $10.74. The company's stock had a trading volume of 12,070 shares, compared to its average volume of 24,507. The company's 50-day moving average is $11.33 and its 200 day moving average is $10.88. The firm has a market cap of $190.42 million, a PE ratio of 33.56 and a beta of 0.48. Provident Bancorp Inc has a 1-year low of $7.36 and a 1-year high of $12.32. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

Separately, Stephens lifted their price target on shares of Provident Bancorp from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Wednesday, November 20th.

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.