Provident Bancorp (NASDAQ:PVBC) Shares Cross Below 50-Day Moving Average - Time to Sell?

Key Points

• Provident Bancorp's stock fell below its 50-day moving average of $12.62, trading at $12.49, prompting investors to consider potential selling strategies.
• Equity analysts have mostly rated the stock as a "hold," with a consensus price target of $12.50.
• After reporting better-than-expected quarterly earnings, with an EPS of $0.17 against estimates of $0.12, Provident Bancorp is projected to post an EPS of 0.43 for the current fiscal year.

Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report)'s stock price passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $12.62 and traded as low as $12.43. Provident Bancorp shares last traded at $12.49, with a volume of 24,105 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of Provident Bancorp in a research report on Saturday, September 27th. Wall Street Zen upgraded Provident Bancorp to a "hold" rating in a research report on Saturday, September 20th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $12.50.

Provident Bancorp Price Performance

The stock has a market cap of $222.12 million, a PE ratio of 19.83 and a beta of 0.33. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average of $12.62 and a 200-day moving average of $11.98.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.05. The company had revenue of $15.76 million for the quarter, compared to analyst estimates of $15.00 million. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%. Sell-side analysts expect that Provident Bancorp, Inc. will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PVBC. Traub Capital Management LLC purchased a new position in Provident Bancorp in the second quarter worth approximately $62,000. Tower Research Capital LLC TRC lifted its stake in 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 acquiring an additional 4,116 shares during the last quarter. Strs Ohio purchased a new position in Provident Bancorp in the first quarter worth approximately $80,000. Jane Street Group LLC purchased a new position in Provident Bancorp in the second quarter worth approximately $144,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in Provident Bancorp in the second quarter worth approximately $156,000. Hedge funds and other institutional investors own 74.61% of the company's stock.

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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