Provident Bancorp (NASDAQ:PVBC) Issues Earnings Results

Key Points

• Provident Bancorp reported earnings of $0.17 per share for the quarter, exceeding analyst expectations of $0.12, and had a revenue of $15.76 million compared to forecasts of $15.00 million.
• As of Friday, Provident Bancorp's stock traded at $12.69, with a 52-week range between $9.67 and $13.02, and the company has a market cap of $225.76 million.
• Analyst firm Stephens downgraded their target price for Provident Bancorp from $13.00 to $12.50, issuing an "equal weight" rating on the stock.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) issued its earnings results on Thursday. The bank reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.05, Zacks reports. The firm had revenue of $15.76 million during the quarter, compared to analyst estimates of $15.00 million. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.60%.

Provident Bancorp Stock Performance

NASDAQ:PVBC traded down $0.07 on Friday, reaching $12.69. 58,639 shares of the company's stock were exchanged, compared to its average volume of 130,928. Provident Bancorp has a 52 week low of $9.67 and a 52 week high of $13.02. The stock has a fifty day simple moving average of $12.05 and a 200-day simple moving average of $11.68. 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 firm has a market cap of $225.76 million, a price-to-earnings ratio of 20.14 and a beta of 0.31.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Provident Bancorp stock. Strs Ohio acquired a new stake in Provident Bancorp, Inc. (NASDAQ:PVBC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,000 shares of the bank's stock, valued at approximately $80,000. Institutional investors own 74.61% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stephens cut their target price 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.

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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