JPMorgan Chase & Co. Grows Position in Provident Bancorp Inc (NASDAQ:PVBC)

JPMorgan Chase & Co. grew its position in Provident Bancorp Inc (NASDAQ:PVBC - Free Report) by 165.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,554 shares of the bank's stock after acquiring an additional 31,535 shares during the quarter. JPMorgan Chase & Co. owned 0.29% of Provident Bancorp worth $545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Barclays PLC boosted its holdings in Provident Bancorp by 51.6% during the 3rd quarter. Barclays PLC now owns 26,192 shares of the bank's stock valued at $283,000 after acquiring an additional 8,911 shares during the period. Pallas Capital Advisors LLC boosted its stake in shares of Provident Bancorp by 174.3% during the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank's stock valued at $973,000 after purchasing an additional 57,392 shares during the period. State Street Corp grew its holdings in shares of Provident Bancorp by 3.9% in the third quarter. State Street Corp now owns 180,816 shares of the bank's stock worth $1,951,000 after purchasing an additional 6,864 shares during the last quarter. Geode Capital Management LLC increased its stake in Provident Bancorp by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 371,738 shares of the bank's stock worth $4,012,000 after buying an additional 6,078 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Provident Bancorp by 43.3% during the 2nd quarter. Marshall Wace LLP now owns 27,491 shares of the bank's stock valued at $280,000 after buying an additional 8,307 shares in the last quarter. 74.61% of the stock is owned by hedge funds and other institutional investors.

Provident Bancorp Stock Down 1.3 %

Shares of PVBC stock traded down $0.16 during mid-day trading on Friday, hitting $11.72. 11,296 shares of the stock traded hands, compared to its average volume of 23,713. 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 stock has a market cap of $207.80 million, a P/E ratio of 27.25 and a beta of 0.48. The stock's fifty day moving average is $11.39 and its two-hundred day moving average is $10.94. Provident Bancorp Inc has a 52-week low of $7.36 and a 52-week high of $12.40.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.24. Provident Bancorp had a net margin of 7.62% and a return on equity of 3.22%. Equities analysts predict that Provident Bancorp Inc will post 0.43 EPS for the current year.

Analyst Ratings Changes

Separately, Stephens lifted their target price on Provident Bancorp from $11.00 to $12.00 and gave the company an "equal weight" rating in a research 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.