Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50 Day Moving Average - Here's Why

Provident Bancorp Inc (NASDAQ:PVBC - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $11.71 and traded as high as $11.85. Provident Bancorp shares last traded at $11.28, with a volume of 22,636 shares traded.

Analyst Upgrades and Downgrades

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

Provident Bancorp Trading Down 1.0 %

The firm has a 50 day moving average price of $11.72 and a two-hundred day moving average price of $11.24. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04. The company has a market cap of $202.12 million, a price-to-earnings ratio of 26.51 and a beta of 0.45.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts forecast that Provident Bancorp Inc will post 0.43 earnings per share for the current year.

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Institutional Investors Weigh In On Provident Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its position in Provident Bancorp by 7.1% in the 4th quarter. Nuveen Asset Management LLC now owns 22,549 shares of the bank's stock valued at $257,000 after buying an additional 1,489 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Provident Bancorp by 1.2% during the fourth quarter. Northern Trust Corp now owns 128,754 shares of the bank's stock valued at $1,468,000 after acquiring an additional 1,508 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Provident Bancorp by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 373,317 shares of the bank's stock worth $4,256,000 after purchasing an additional 1,579 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Provident Bancorp by 23.8% in the 4th 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Provident Bancorp by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 45,932 shares of the bank's stock valued at $524,000 after purchasing an additional 2,815 shares during the period. 74.61% of the stock is currently owned by institutional investors.

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.