Provident Bancorp (NASDAQ:PVBC) Given "Hold (C)" Rating at Weiss Ratings

Key Points

• Provident Bancorp has received a "Hold (C)" rating from Weiss Ratings, with its stock currently holding an average target price of $12.50.
• Shares of Provident Bancorp are trading at around $12.51, with a market capitalization of $222.43 million and a one-year price range between $10.13 and $13.02.
• Institutional investors control 74.61% of Provident Bancorp’s stock, indicating a strong interest from larger financial entities.

Provident Bancorp (NASDAQ:PVBC - Get Free Report)'s stock had its "hold (c)" rating reiterated by equities researchers at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen raised shares of Provident Bancorp to a "hold" rating in a research report on Saturday, September 20th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.50.

Provident Bancorp Stock Down 0.2%

Shares of PVBC stock opened at $12.51 on Wednesday. The company has a market capitalization of $222.43 million, a price-to-earnings ratio of 19.86 and a beta of 0.33. Provident Bancorp has a one year low of $10.13 and a one year high of $13.02. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.11 and a quick ratio of 1.11. The company's fifty day moving average price is $12.63 and its 200-day moving average price is $12.00.

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

Institutional Investors Weigh In On Provident Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in shares of Provident Bancorp by 16.8% in the fourth quarter. Bank of America Corp DE now owns 22,126 shares of the bank's stock valued at $252,000 after purchasing an additional 3,180 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Provident Bancorp by 7.1% in the 1st quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank's stock valued at $641,000 after acquiring an additional 3,700 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Provident Bancorp by 400.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank's stock valued at $64,000 after acquiring an additional 4,116 shares during the period. Traub Capital Management LLC acquired a new position in Provident Bancorp in the 2nd quarter valued at $62,000. Finally, Goldman Sachs Group Inc. increased its stake in Provident Bancorp by 13.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 43,472 shares of the bank's stock valued at $499,000 after buying an additional 5,082 shares during the period. 74.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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