Provident Bancorp (NASDAQ:PVBC) Share Price Passes Above 50-Day Moving Average – Here’s Why

Provident Bancorp Inc (NASDAQ:PVBC) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $10.68 and traded as high as $11.01. Provident Bancorp shares last traded at $10.98, with a volume of 36,434 shares.

Analysts Set New Price Targets

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

Provident Bancorp Trading Down 0.4 %

The company has a market capitalization of $194.59 million, a PE ratio of 34.30 and a beta of 0.46. The company has a fifty day simple moving average of $10.68 and a 200-day simple moving average of $10.38. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Provident Bancorp

A number of hedge funds have recently modified their holdings of PVBC. Barclays PLC boosted its holdings in Provident Bancorp by 51.6% in the 3rd quarter. Barclays PLC now owns 26,192 shares of the bank’s stock valued at $283,000 after purchasing an additional 8,911 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Provident Bancorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock worth $4,012,000 after buying an additional 6,078 shares during the last quarter. State Street Corp raised its position in shares of Provident Bancorp by 3.9% during 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 during the period. MetLife Investment Management LLC lifted its holdings in Provident Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after acquiring an additional 5,177 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its position in Provident Bancorp by 174.3% in the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock worth $973,000 after acquiring an additional 57,392 shares during the period. Hedge funds and other institutional investors own 74.61% of the company’s stock.

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.