Provident Bancorp (NASDAQ:PVBC) Announces 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 quarterly earnings data on Thursday. The bank reported $0.17 EPS for the quarter, topping the consensus estimate of $0.12 by $0.05, Zacks reports. The firm had revenue of $15.76 million during the quarter, compared to the consensus estimate of $15.00 million. Provident Bancorp had a return on equity of 4.60% and a net margin of 11.26%.

Provident Bancorp Stock Down 1.4%

Shares of PVBC stock traded down $0.18 on Wednesday, hitting $12.30. The stock had a trading volume of 65,147 shares, compared to its average volume of 89,853. 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 stock has a market cap of $218.82 million, a price-to-earnings ratio of 19.52 and a beta of 0.31. Provident Bancorp has a 12-month low of $9.67 and a 12-month high of $13.02. The business has a 50 day moving average of $12.10 and a 200 day moving average of $11.71.

Institutional Investors Weigh In On Provident Bancorp

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

Analyst Ratings Changes

Separately, Stephens lowered their price target 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.

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.