Dennis Pollack Acquires 1,950 Shares of Provident Bancorp Inc (NASDAQ:PVBC) Stock

Provident Bancorp Inc (NASDAQ:PVBC) Director Dennis Pollack acquired 1,950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were purchased at an average price of $10.30 per share, with a total value of $20,085.00. Following the acquisition, the director now owns 37,721 shares of the company’s stock, valued at approximately $388,526.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Provident Bancorp Stock Performance

PVBC stock opened at $10.40 on Friday. Provident Bancorp Inc has a 1-year low of $7.36 and a 1-year high of $12.32. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The firm has a market cap of $183.77 million, a PE ratio of 12.38 and a beta of 0.45. The business’s 50-day moving average price is $10.67 and its two-hundred day moving average price is $9.79.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings data on Monday, July 29th. The bank reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.25). Provident Bancorp had a net margin of 7.28% and a return on equity of 3.17%. The business had revenue of $23.40 million for the quarter. As a group, research analysts forecast that Provident Bancorp Inc will post 0.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Stephens reissued an “equal weight” rating and set a $11.00 price target on shares of Provident Bancorp in a research report on Tuesday, July 30th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of Provident Bancorp by 16.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock worth $3,418,000 after acquiring an additional 46,964 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Provident Bancorp by 135.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after purchasing an additional 37,151 shares during the period. Rhumbline Advisers increased its holdings in Provident Bancorp by 1,670.8% during the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after purchasing an additional 17,293 shares in the last quarter. Spinnaker Trust acquired a new stake in shares of Provident Bancorp in the 2nd quarter valued at about $110,000. Finally, Stilwell Value LLC lifted its holdings in shares of Provident Bancorp by 0.6% in the fourth quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock valued at $18,443,000 after purchasing an additional 10,601 shares in the last quarter. 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.