Provident Bancorp (NASDAQ:PVBC) Shares Cross Below Fifty Day Moving Average - Here's What Happened

Key Points

• Provident Bancorp's stock price fell below its 50-day moving average of $12.28, closing at $12.36 with 35,932 shares traded.
• Analyst Stephens reduced its price target for the stock from $13.00 to $12.50, maintaining an "equal weight" rating.
• In the last earnings report, Provident Bancorp beat estimates with an EPS of $0.17 and revenue of $15.76 million, exceeding analyst expectations.

Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report)'s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $12.28 and traded as low as $12.19. Provident Bancorp shares last traded at $12.36, with a volume of 35,932 shares traded.

Wall Street Analyst Weigh In

Separately, Stephens dropped their target price on shares of Provident Bancorp from $13.00 to $12.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th.

Provident Bancorp Price Performance

The stock's 50-day moving average is $12.37 and its 200 day moving average is $11.82. The stock has a market capitalization of $222.30 million, a PE ratio of 19.84 and a beta of 0.32. 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 announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.05. Provident Bancorp had a net margin of 11.26% and a return on equity of 4.60%. The firm had revenue of $15.76 million for the quarter, compared to the consensus estimate of $15.00 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. grew its position in Provident Bancorp by 55.5% in the second quarter. Alliancebernstein L.P. now owns 887,229 shares of the bank's stock worth $11,081,000 after acquiring an additional 316,808 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Provident Bancorp in the second quarter worth approximately $2,498,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Provident Bancorp in the second quarter worth $2,248,000. ABC Arbitrage SA acquired a new stake in shares of Provident Bancorp in the second quarter worth $1,777,000. Finally, Gabelli Funds LLC acquired a new stake in shares of Provident Bancorp in the second quarter worth $1,757,000. 74.61% of the stock is owned by hedge funds and other 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.