Provident Bancorp Inc (NASDAQ:PVBC – Get Free Report)’s share price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $11.71 and traded as high as $11.85. Provident Bancorp shares last traded at $11.28, with a volume of 22,636 shares trading hands.
Analyst Upgrades and Downgrades
Separately, Stephens lifted their price target on Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 20th.
Check Out Our Latest Report on PVBC
Provident Bancorp Trading Up 2.1 %
Provident Bancorp (NASDAQ:PVBC – Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.24. Provident Bancorp had a return on equity of 3.22% and a net margin of 7.62%. Sell-side analysts anticipate that Provident Bancorp Inc will post 0.43 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen Asset Management LLC boosted its holdings in shares of Provident Bancorp by 7.1% during the 4th quarter. Nuveen Asset Management LLC now owns 22,549 shares of the bank’s stock worth $257,000 after purchasing an additional 1,489 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Provident Bancorp by 1.2% during the 4th quarter. Northern Trust Corp now owns 128,754 shares of the bank’s stock worth $1,468,000 after purchasing an additional 1,508 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Provident Bancorp by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 373,317 shares of the bank’s stock worth $4,256,000 after purchasing an additional 1,579 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Provident Bancorp by 23.8% during the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock worth $108,000 after purchasing an additional 1,824 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Provident Bancorp by 6.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 45,932 shares of the bank’s stock valued at $524,000 after acquiring an additional 2,815 shares during the last quarter. 74.61% of the stock is currently 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.
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