Provident Bancorp Inc (NASDAQ:PVBC) Sees Significant Decline in Short Interest

Provident Bancorp Inc (NASDAQ:PVBC) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 161,900 shares, a decline of 17.9% from the October 31st total of 197,100 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 39,400 shares, the short-interest ratio is presently 4.1 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PVBC. Renaissance Technologies LLC boosted its stake in Provident Bancorp by 2.9% during the 2nd quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock worth $941,000 after acquiring an additional 2,600 shares during the last quarter. Squarepoint Ops LLC boosted its position in shares of Provident Bancorp by 14.7% during the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after purchasing an additional 2,728 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Provident Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after purchasing an additional 5,177 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Provident Bancorp by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock valued at $4,012,000 after buying an additional 6,078 shares during the period. Finally, State Street Corp increased its position in shares of Provident Bancorp by 3.9% in the 3rd quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after buying an additional 6,864 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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 report on Wednesday, November 20th.

Provident Bancorp Price Performance

NASDAQ PVBC traded up $0.19 during trading hours on Friday, reaching $11.67. 26,872 shares of the company’s stock were exchanged, compared to its average volume of 49,117. The firm has a fifty day moving average of $10.81 and a 200-day moving average of $10.47. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. Provident Bancorp has a one year low of $7.36 and a one year high of $12.32. The stock has a market cap of $206.91 million, a PE ratio of 36.47 and a beta of 0.46.

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.