JPMorgan Chase & Co. Increases Holdings in Provident Bancorp Inc (NASDAQ:PVBC)

JPMorgan Chase & Co. grew its holdings in Provident Bancorp Inc (NASDAQ:PVBC - Free Report) by 45.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,644 shares of the bank's stock after purchasing an additional 23,090 shares during the period. JPMorgan Chase & Co. owned approximately 0.42% of Provident Bancorp worth $840,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PVBC. Corient Private Wealth LLC bought a new stake in Provident Bancorp during the 4th quarter valued at $162,000. Barclays PLC grew its position in shares of Provident Bancorp by 51.6% in the third quarter. Barclays PLC now owns 26,192 shares of the bank's stock valued at $283,000 after purchasing an additional 8,911 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Provident Bancorp by 6.5% during 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. Four Tree Island Advisory LLC purchased a new stake in Provident Bancorp during the 4th quarter worth about $1,053,000. Finally, State Street Corp boosted its stake in Provident Bancorp by 3.9% in the 3rd 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 period. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

Provident Bancorp Price Performance

Shares of PVBC traded up $0.07 during midday trading on Friday, hitting $11.03. 25,475 shares of the company traded hands, compared to its average volume of 43,868. Provident Bancorp Inc has a one year low of $9.09 and a one year high of $12.96. The firm has a market cap of $196.21 million, a P/E ratio of 25.65 and a beta of 0.25. 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 50-day moving average of $11.34 and a 200-day moving average of $11.40.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its earnings results on Friday, April 25th. The bank reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). Provident Bancorp had a return on equity of 3.22% and a net margin of 7.62%. The firm had revenue of $14.26 million for the quarter, compared to the consensus estimate of $14.90 million. As a group, sell-side analysts predict that Provident Bancorp Inc will post 0.43 EPS for the current fiscal year.

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.