Provident Bancorp Inc (NASDAQ:PVBC) Sees Significant Growth in Short Interest

Provident Bancorp Inc (NASDAQ:PVBC - Get Free Report) saw a significant growth in short interest in May. As of May 15th, there was short interest totalling 126,200 shares, a growth of 25.9% from the April 30th total of 100,200 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 25,500 shares, the days-to-cover ratio is currently 4.9 days.

Provident Bancorp Price Performance

NASDAQ:PVBC traded down $0.03 during trading hours on Wednesday, reaching $11.35. 30,245 shares of the company were exchanged, compared to its average volume of 43,078. The company has a market capitalization of $201.91 million, a P/E ratio of 26.40 and a beta of 0.25. Provident Bancorp has a 1-year low of $9.48 and a 1-year high of $12.96. 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 business has a 50 day moving average of $11.15 and a 200 day moving average of $11.46.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last released 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 net margin of 7.62% and a return on equity of 3.22%. The company had revenue of $14.26 million for the quarter, compared to the consensus estimate of $14.90 million. Research analysts forecast that Provident Bancorp will post 0.43 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Stephens decreased their target price on shares of Provident Bancorp from $13.00 to $12.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th.

Institutional Investors Weigh In On Provident Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of PVBC. BNP Paribas Financial Markets bought a new position in Provident Bancorp in the 4th quarter valued at about $62,000. Strs Ohio acquired a new stake in shares of Provident Bancorp during the 1st quarter worth approximately $80,000. Wells Fargo & Company MN increased its stake in Provident Bancorp by 23.8% in the fourth quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank's stock valued at $108,000 after acquiring an additional 1,824 shares during the last quarter. Deutsche Bank AG acquired a new position in Provident Bancorp during the fourth quarter valued at approximately $156,000. Finally, Corient Private Wealth LLC acquired a new position in Provident Bancorp during the fourth quarter valued at approximately $162,000. Institutional investors own 74.61% of the company's stock.

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.