Provident Bancorp (NASDAQ:PVBC) Issues Earnings Results

Provident Bancorp (NASDAQ:PVBC) posted its earnings results on Monday. The bank reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.25), Yahoo Finance reports. Provident Bancorp had a return on equity of 3.18% and a net margin of 7.28%. The business had revenue of $23.40 million during the quarter.

Provident Bancorp Stock Performance

Shares of NASDAQ:PVBC traded up $0.03 during trading on Wednesday, reaching $10.90. The stock had a trading volume of 4,807 shares, compared to its average volume of 55,972. The stock has a fifty day simple moving average of $10.33 and a two-hundred day simple moving average of $9.80. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04. Provident Bancorp has a 52 week low of $7.36 and a 52 week high of $12.32. The firm has a market capitalization of $192.49 million, a price-to-earnings ratio of 12.94 and a beta of 0.46.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, major shareholder Joseph Stilwell sold 75,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $9.62, for a total value of $721,500.00. Following the sale, the insider now owns 271,014 shares in the company, valued at $2,607,154.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Dennis Pollack purchased 10,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was purchased at an average price of $9.92 per share, with a total value of $99,200.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $99,200. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Joseph Stilwell sold 75,000 shares of Provident Bancorp stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total value of $721,500.00. Following the sale, the insider now directly owns 271,014 shares in the company, valued at approximately $2,607,154.68. The disclosure for this sale can be found here. In the last three months, insiders bought 16,075 shares of company stock valued at $158,161. Company insiders own 3.88% 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.