Provident Bancorp (NASDAQ:PVBC) Share Price Passes Above Fifty Day Moving Average – Should You Sell?

Provident Bancorp Inc (NASDAQ:PVBC)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $11.08 and traded as high as $11.98. Provident Bancorp shares last traded at $11.45, with a volume of 52,821 shares.

Wall Street Analyst Weigh In

Separately, Stephens raised their target price on shares of Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Wednesday, November 20th.

Provident Bancorp Trading Down 2.4 %

The firm’s 50-day simple moving average is $11.08 and its 200 day simple moving average is $10.69. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $203.01 million, a price-to-earnings ratio of 35.78 and a beta of 0.48.

Hedge Funds Weigh In On Provident Bancorp

A number of institutional investors have recently modified their holdings of PVBC. 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 valued at $973,000 after acquiring an additional 57,392 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Provident Bancorp by 16.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after purchasing an additional 46,964 shares during the last quarter. Bank of New York Mellon Corp increased its position in Provident Bancorp by 135.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after purchasing an additional 37,151 shares in the last quarter. Rhumbline Advisers increased its position in Provident Bancorp by 1,670.8% during the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after purchasing an additional 17,293 shares in the last quarter. Finally, Nvest Financial LLC bought a new position in Provident Bancorp in the 3rd quarter valued at approximately $166,000. Institutional investors and hedge funds 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.