Provident Bancorp (NASDAQ:PVBC) Stock Passes Above 50-Day Moving Average - Here's Why

Key Points

• Provident Bancorp's stock price has crossed above its 50-day moving average of $12.67, reaching a high of $12.95 during trading.
• Analysts have rated Provident Bancorp with an average rating of "Hold" and set a price target of $12.50.
• In the latest quarterly earnings, Provident Bancorp reported $0.16 earnings per share, exceeding expectations by $0.03.

Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report)'s share price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $12.67 and traded as high as $12.95. Provident Bancorp shares last traded at $12.72, with a volume of 86,914 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Wall Street Zen upgraded Provident Bancorp to a "hold" rating in a research report on Saturday, September 20th. Weiss Ratings reissued a "hold (c)" rating on shares of Provident Bancorp in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $12.50.

Provident Bancorp Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.04. The firm's fifty day moving average price is $12.67 and its 200-day moving average price is $12.08. The stock has a market cap of $226.16 million, a P/E ratio of 20.19 and a beta of 0.33.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.56%. Analysts forecast that Provident Bancorp, Inc. will post 0.43 earnings per share for the current year.

Institutional Trading of Provident Bancorp

Several large investors have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in 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 valued at $641,000 after purchasing an additional 3,700 shares during the last quarter. Nuveen LLC bought a new position in shares of Provident Bancorp during the first quarter valued at approximately $259,000. Goldman Sachs Group Inc. lifted its stake in Provident Bancorp by 13.2% in the first 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 period. Strs Ohio bought a new stake in Provident Bancorp in the first quarter valued at $80,000. Finally, Summit Wealth Group LLC bought a new stake in Provident Bancorp in the second quarter valued at $312,000. 74.61% of the stock is owned by institutional investors.

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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