Provident Bancorp (NASDAQ:PVBC) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Provident Bancorp (NASDAQ:PVBC) to a "hold" rating, indicating a shift in analyst sentiment regarding the stock's performance.
• Provident Bancorp reported an EPS of $0.17 for the last quarter, exceeding analysts' expectations of $0.12, with revenue of $15.76 million compared to forecasts of $15.00 million.
• Several hedge funds increased their positions in Provident Bancorp, with 74.61% of the stock owned by institutional investors, highlighting strong investor interest in the company.

Wall Street Zen upgraded shares of Provident Bancorp (NASDAQ:PVBC - Free Report) to a hold rating in a research note published on Saturday.

Provident Bancorp Stock Performance

PVBC stock traded up $0.04 during mid-day trading on Friday, reaching $12.82. The company had a trading volume of 1,444 shares, compared to its average volume of 79,863. 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 stock has a market capitalization of $227.94 million, a P/E ratio of 20.35 and a beta of 0.34. Provident Bancorp has a one year low of $10.09 and a one year high of $13.02. The stock's 50-day simple moving average is $12.64 and its two-hundred day simple moving average is $11.92.

Provident Bancorp (NASDAQ:PVBC - Get Free Report) last posted its 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 analysts' expectations of $15.00 million. Provident Bancorp had a return on equity of 4.56% and a net margin of 11.26%. Research analysts anticipate that Provident Bancorp will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PVBC. Alliancebernstein L.P. grew its holdings in Provident Bancorp by 55.5% during 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 during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Provident Bancorp during the second quarter worth about $2,498,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Provident Bancorp during the second quarter worth about $2,248,000. ABC Arbitrage SA acquired a new position in shares of Provident Bancorp in the 2nd quarter valued at $1,777,000. Finally, Gabelli Funds LLC acquired a new position in shares of Provident Bancorp in the 2nd quarter valued at $1,757,000. 74.61% of the stock is owned by institutional investors and hedge funds.

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.