Provident Bancorp (NASDAQ:PVBC – Free Report) had its price objective increased by Stephens from $11.00 to $12.00 in a research report sent to investors on Wednesday,Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.
Provident Bancorp Price Performance
Shares of NASDAQ PVBC opened at $11.05 on Wednesday. Provident Bancorp has a twelve month low of $7.36 and a twelve month high of $12.32. The firm has a fifty day simple moving average of $10.70 and a 200 day simple moving average of $10.39. The company has a market capitalization of $195.92 million, a PE ratio of 34.53 and a beta of 0.46. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.
Hedge Funds Weigh In On Provident Bancorp
A number of hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC increased its stake 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 purchasing an additional 5,177 shares in the last quarter. Spinnaker Trust bought a new stake in Provident Bancorp in the second quarter valued at $110,000. Nvest Financial LLC bought a new stake in Provident Bancorp in the third quarter valued at $166,000. Rhumbline Advisers increased its stake in Provident Bancorp by 1,670.8% in the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after purchasing an additional 17,293 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in Provident Bancorp by 14.7% in the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after purchasing an additional 2,728 shares in the last quarter. Institutional investors own 74.61% of the company’s stock.
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.
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