Provident Bancorp (NASDAQ:PVBC) Share Price Crosses Above Fifty Day Moving Average - What's Next?

Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report)'s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $11.56 and traded as high as $12.83. Provident Bancorp shares last traded at $12.74, with a volume of 111,900 shares traded.

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 Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $226.64 million, a P/E ratio of 49.00 and a beta of 0.31. The business's 50-day simple moving average is $11.56 and its 200 day simple moving average is $11.54.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its earnings results on Friday, April 25th. The bank reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.09). Provident Bancorp had a return on equity of 1.95% and a net margin of 4.75%. The company had revenue of $14.26 million during the quarter, compared to the consensus estimate of $14.90 million. As a group, equities analysts predict that Provident Bancorp, Inc. will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its stake in shares of Provident Bancorp by 13.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 43,472 shares of the bank's stock worth $499,000 after acquiring an additional 5,082 shares during the last quarter. Strs Ohio purchased a new position in shares of Provident Bancorp during the 1st quarter worth $80,000. Nuveen LLC purchased a new position in shares of Provident Bancorp during the 1st quarter worth $259,000. Bank of New York Mellon Corp boosted its stake in shares of Provident Bancorp by 7.1% during the 1st quarter. Bank of New York Mellon Corp now owns 55,829 shares of the bank's stock worth $641,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Provident Bancorp by 32.6% during the 4th quarter. Squarepoint Ops LLC now owns 26,124 shares of the bank's stock worth $298,000 after acquiring an additional 6,421 shares during the last quarter. Hedge funds and other institutional investors own 74.61% of the company's stock.

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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