Provident Bancorp (NASDAQ:PVBC) Shares Pass Below 50-Day Moving Average – Here’s What Happened

Provident Bancorp, Inc. (NASDAQ:PVBC) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $12.68 and traded as low as $12.53. Provident Bancorp shares last traded at $12.75, with a volume of 63,860 shares.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Provident Bancorp in a report on Wednesday, October 8th. Wall Street Zen raised shares of Provident Bancorp to a “hold” rating in a report on Saturday, September 20th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Provident Bancorp presently has a consensus rating of “Hold” and an average target price of $12.50.

Provident Bancorp Trading Up 0.4%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day simple moving average of $12.68 and a two-hundred day simple moving average of $12.16. The firm has a market cap of $226.70 million, a PE ratio of 17.00 and a beta of 0.33.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The business had revenue of $14.74 million for the quarter, compared to the consensus estimate of $15.20 million. Provident Bancorp had a return on equity of 5.36% and a net margin of 13.52%. Analysts expect that Provident Bancorp, Inc. will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PVBC. Alliancebernstein L.P. lifted its position in Provident Bancorp by 55.5% during the second quarter. Alliancebernstein L.P. now owns 887,229 shares of the bank’s stock valued at $11,081,000 after purchasing an additional 316,808 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Provident Bancorp during the second quarter valued at $2,498,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Provident Bancorp during the second quarter valued at $2,248,000. ABC Arbitrage SA acquired a new position in Provident Bancorp during the second quarter valued at $1,777,000. Finally, Gabelli Funds LLC acquired a new position in Provident Bancorp during the second quarter valued at $1,757,000. 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.