Nuveen LLC Acquires Shares of 22,549 Provident Bancorp, Inc. $PVBC

Key Points

• Nuveen LLC has acquired a new stake in Provident Bancorp, Inc., purchasing 22,549 shares valued at approximately $259,000 in the first quarter.
• The bank recently reported earnings of $0.17 per share, exceeding analysts' expectations and indicating a strong performance with a net margin of 11.26%.
• Provident Bancorp has seen various large investors increase their holdings, with institutional investors now owning 74.61% of the company’s stock.

Nuveen LLC bought a new stake in Provident Bancorp, Inc. (NASDAQ:PVBC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,549 shares of the bank's stock, valued at approximately $259,000. Nuveen LLC owned 0.13% of Provident Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Provident Bancorp by 15.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 412,215 shares of the bank's stock valued at $4,699,000 after purchasing an additional 55,174 shares during the period. Northern Trust Corp boosted its stake in shares of Provident Bancorp by 1.2% in the fourth quarter. Northern Trust Corp now owns 128,754 shares of the bank's stock valued at $1,468,000 after purchasing an additional 1,508 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Provident Bancorp by 7.1% in the first quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank's stock valued at $641,000 after purchasing an additional 3,700 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Provident Bancorp by 18.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,730 shares of the bank's stock valued at $305,000 after purchasing an additional 4,085 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in shares of Provident Bancorp by 32.6% in the fourth quarter. Squarepoint Ops LLC now owns 26,124 shares of the bank's stock valued at $298,000 after purchasing an additional 6,421 shares during the period. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

Provident Bancorp Stock Up 0.5%

Shares of PVBC stock traded up $0.07 on Thursday, hitting $12.80. The stock had a trading volume of 23,635 shares, compared to its average volume of 27,384. The firm has a market capitalization of $227.58 million, a price-to-earnings ratio of 20.32 and a beta of 0.34. The stock's 50 day moving average is $12.65 and its 200-day moving average is $11.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.11 and a current ratio of 1.11. Provident Bancorp, Inc. has a 52-week low of $10.09 and a 52-week high of $13.02.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.56%. The business had revenue of $15.76 million during the quarter, compared to the consensus estimate of $15.00 million. As a group, research analysts expect that Provident Bancorp, Inc. will post 0.43 earnings per share for the current year.

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.