Dimensional Fund Advisors LP Buys 55,174 Shares of Provident Bancorp Inc (NASDAQ:PVBC)

Dimensional Fund Advisors LP lifted its stake in Provident Bancorp Inc (NASDAQ:PVBC - Free Report) by 15.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 412,215 shares of the bank's stock after purchasing an additional 55,174 shares during the quarter. Dimensional Fund Advisors LP owned 2.32% of Provident Bancorp worth $4,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of PVBC. Barclays PLC raised its position in shares of Provident Bancorp by 51.6% in the 3rd quarter. Barclays PLC now owns 26,192 shares of the bank's stock worth $283,000 after purchasing an additional 8,911 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Provident Bancorp by 165.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 50,554 shares of the bank's stock worth $545,000 after purchasing an additional 31,535 shares during the last quarter. Four Tree Island Advisory LLC purchased a new position in shares of Provident Bancorp in the 4th quarter worth about $1,053,000. Charles Schwab Investment Management Inc. raised its position in shares of Provident Bancorp by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 45,932 shares of the bank's stock worth $524,000 after purchasing an additional 2,815 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new stake in Provident Bancorp in the 4th quarter worth about $162,000. Hedge funds and other institutional investors own 74.61% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stephens decreased their target price 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.

Provident Bancorp Stock Performance

NASDAQ:PVBC traded up $0.02 during mid-day trading on Friday, reaching $11.26. The company's stock had a trading volume of 42,200 shares, compared to its average volume of 43,479. Provident Bancorp Inc has a 12-month low of $9.09 and a 12-month high of $12.96. The firm's fifty day moving average price is $11.23 and its two-hundred day moving average price is $11.43. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The stock has a market cap of $200.30 million, a P/E ratio of 26.19 and a beta of 0.25.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last issued 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 business had revenue of $14.26 million during the quarter, compared to analysts' expectations of $14.90 million. On average, equities analysts forecast that Provident Bancorp Inc will post 0.43 EPS for the current fiscal year.

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.