M3F Inc. Sells 60,372 Shares of Provident Bancorp, Inc. $PVBC

Key Points

• M3F Inc. reduced its stake in Provident Bancorp, Inc. by 5.0% during the first quarter, now holding approximately 1,138,538 shares valued at $13,070,000.
• Bank of America and Two Sigma Advisers increased their respective shares in Provident Bancorp, with Bank of America raising its stake by 16.8% and Two Sigma Advisers increasing by 35.8%.
• Provident Bancorp's earnings per share surpassed estimates at $0.17, with revenue reported at $15.76 million, reflecting a net margin of 11.26%.

M3F Inc. lessened its holdings in Provident Bancorp, Inc. (NASDAQ:PVBC - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,138,538 shares of the bank's stock after selling 60,372 shares during the period. Provident Bancorp comprises approximately 3.6% of M3F Inc.'s portfolio, making the stock its 11th biggest position. M3F Inc. owned about 6.40% of Provident Bancorp worth $13,070,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Nuveen LLC acquired a new stake in shares of Provident Bancorp in the first quarter worth $259,000. Bank of New York Mellon Corp boosted its position in Provident Bancorp by 7.1% during 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 last quarter. Squarepoint Ops LLC boosted its position in Provident Bancorp by 32.6% during 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 last quarter. Two Sigma Advisers LP boosted its position in Provident Bancorp by 35.8% during the fourth quarter. Two Sigma Advisers LP now owns 14,400 shares of the bank's stock valued at $164,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in Provident Bancorp by 115.1% during the fourth quarter. Two Sigma Investments LP now owns 25,122 shares of the bank's stock valued at $286,000 after purchasing an additional 13,445 shares during the last quarter. Institutional investors and hedge funds own 74.61% of the company's stock.

Provident Bancorp Stock Down 0.5%

NASDAQ PVBC traded down $0.07 during trading on Tuesday, hitting $12.81. 6,607 shares of the company traded hands, compared to its average volume of 83,919. Provident Bancorp, Inc. has a 12 month low of $10.09 and a 12 month high of $13.02. The business has a fifty day simple moving average of $12.58 and a 200 day simple moving average of $11.84. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $227.67 million, a P/E ratio of 20.33 and a beta of 0.34.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted 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. The company had revenue of $15.76 million for the quarter, compared to analyst estimates of $15.00 million. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%. As a group, sell-side analysts predict that Provident Bancorp, Inc. will post 0.43 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Stephens reduced their price objective on Provident Bancorp from $13.00 to $12.50 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.50.

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.