Provident Bancorp (NASDAQ:PVBC) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Provident Bancorp reported earnings of $0.16 EPS for the quarter, exceeding the consensus estimate of $0.13 by $0.03.
• Shares of PVBC increased slightly, reaching $12.72 with a market capitalization of $226.16 million.
• Several institutional investors have significantly increased their stakes in Provident Bancorp, with hedge funds now owning 74.61% of the company's stock.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) released its earnings results on Thursday. The bank reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03, Zacks reports. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%.

Provident Bancorp Price Performance

Shares of PVBC stock traded up $0.02 on Thursday, reaching $12.72. The company's stock had a trading volume of 86,914 shares, compared to its average volume of 75,158. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.04. Provident Bancorp has a 12-month low of $10.27 and a 12-month high of $13.02. The company has a market capitalization of $226.16 million, a P/E ratio of 20.19 and a beta of 0.33. The stock's 50 day simple moving average is $12.67 and its 200-day simple moving average is $12.07.

Institutional Investors Weigh In On Provident Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in shares of Provident Bancorp by 400.8% in the second quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank's stock worth $64,000 after buying an additional 4,116 shares in the last quarter. Strs Ohio purchased a new stake in shares of Provident Bancorp in the first quarter worth $80,000. Jane Street Group LLC purchased a new stake in shares of Provident Bancorp in the second quarter worth $144,000. Qube Research & Technologies Ltd purchased a new stake in shares of Provident Bancorp in the second quarter worth $199,000. Finally, Water Island Capital LLC purchased a new stake in shares of Provident Bancorp in the second quarter worth $232,000. Hedge funds and other institutional investors own 74.61% of the company's stock.

Wall Street Analysts Forecast Growth

PVBC has been the topic of several recent research reports. Wall Street Zen upgraded Provident Bancorp to a "hold" rating in a research report on Saturday, September 20th. Weiss Ratings restated a "hold (c)" rating on shares of Provident Bancorp in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $12.50.

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.

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