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. lowered its holdings in shares of Provident Bancorp, Inc. (NASDAQ:PVBC - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,138,538 shares of the bank's stock after selling 60,372 shares during the period. Provident Bancorp comprises about 3.6% of M3F Inc.'s investment portfolio, making the stock its 11th biggest position. M3F Inc. owned 6.40% of Provident Bancorp worth $13,070,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in Provident Bancorp by 15.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 412,215 shares of the bank's stock worth $4,699,000 after purchasing an additional 55,174 shares during the period. Northern Trust Corp boosted its position in Provident Bancorp by 1.2% during the 4th quarter. Northern Trust Corp now owns 128,754 shares of the bank's stock valued at $1,468,000 after buying an additional 1,508 shares during the period. Bank of New York Mellon Corp boosted its position in Provident Bancorp by 7.1% during the 1st quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank's stock valued at $641,000 after buying an additional 3,700 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Provident Bancorp by 18.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,730 shares of the bank's stock valued at $305,000 after buying an additional 4,085 shares during the period. Finally, Squarepoint Ops LLC boosted its position in Provident Bancorp by 32.6% during the 4th quarter. Squarepoint Ops LLC now owns 26,124 shares of the bank's stock valued at $298,000 after buying an additional 6,421 shares during the period. Hedge funds and other institutional investors own 74.61% of the company's stock.

Provident Bancorp Stock Down 0.3%

NASDAQ PVBC traded down $0.04 during trading hours on Friday, reaching $12.87. 38,678 shares of the company's stock traded hands, compared to its average volume of 46,934. Provident Bancorp, Inc. has a 52-week low of $10.09 and a 52-week high of $13.02. The firm has a market cap of $228.88 million, a PE ratio of 20.43 and a beta of 0.32. The firm has a 50-day simple moving average of $12.56 and a 200 day simple moving average of $11.85. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.11 and a quick ratio of 1.11.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.05. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.56%. The company had revenue of $15.76 million during the quarter, compared to analysts' expectations of $15.00 million. Sell-side analysts anticipate that Provident Bancorp, Inc. will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Stephens dropped their price target on shares of 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 investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $12.50.

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.