Provident Bancorp (NASDAQ:PVBC) Share Price Passes Above 50 Day Moving Average - Time to Sell?

Key Points

• Provident Bancorp shares have crossed above their 50-day moving average of $12.62, reaching a high of $12.97 during trading, with a total volume of 21,100 shares.
• Analysts have lowered their price target for Provident Bancorp from $13.00 to $12.50, maintaining an "equal weight" rating amidst a consensus rating of "Hold."
• The bank reported quarterly earnings of $0.17 per share, exceeding expectations, alongside a net margin of 11.26% and revenue of $15.76 million.

Shares of Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report) crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $12.62 and traded as high as $12.97. Provident Bancorp shares last traded at $12.97, with a volume of 21,100 shares.

Provident Bancorp Stock Down 0.5%

The company has a market cap of $225.98 million, a PE ratio of 20.20 and a beta of 0.34. The business has a 50-day simple moving average of $12.64 and a 200-day simple moving average of $11.86. 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 (NASDAQ:PVBC - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%.The business had revenue of $15.76 million for the quarter, compared to the consensus estimate of $15.00 million. Equities research analysts anticipate that Provident Bancorp, Inc. will post 0.43 EPS for the current year.

Institutional Investors Weigh In On Provident Bancorp

A number of institutional investors have recently modified their holdings of PVBC. BNP Paribas Financial Markets acquired a new position in Provident Bancorp during the 4th quarter worth $62,000. Traub Capital Management LLC acquired a new position in shares of Provident Bancorp during the 2nd quarter worth about $62,000. Tower Research Capital LLC TRC grew its position in shares of Provident Bancorp by 400.8% during the second quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank's stock worth $64,000 after acquiring an additional 4,116 shares during the last quarter. Strs Ohio purchased a new position in shares of Provident Bancorp during the first quarter worth approximately $80,000. Finally, Jane Street Group LLC acquired a new stake in Provident Bancorp during the 2nd quarter worth approximately $144,000. 74.61% of the stock is 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.