Provident Bancorp (NASDAQ:PVBC) Shares Cross Below 50 Day Moving Average of $14.88

Provident Bancorp Inc (NASDAQ:PVBCGet Rating) shares crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $14.88 and traded as low as $14.08. Provident Bancorp shares last traded at $14.30, with a volume of 34,825 shares traded.

Wall Street Analyst Weigh In

Separately, Stephens dropped their target price on Provident Bancorp from $18.50 to $18.00 and set an “overweight” rating for the company in a report on Monday, August 8th.

Provident Bancorp Stock Up 0.4 %

The firm has a market cap of $253.38 million, a price-to-earnings ratio of 12.33 and a beta of 0.92. The stock has a 50 day moving average of $14.88 and a 200 day moving average of $15.36.

Provident Bancorp (NASDAQ:PVBCGet Rating) last posted its quarterly earnings results on Thursday, July 28th. The bank reported $0.33 EPS for the quarter. The company had revenue of $20.16 million during the quarter. As a group, analysts predict that Provident Bancorp Inc will post 1.2 EPS for the current fiscal year.

Provident Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.12%. The ex-dividend date was Thursday, August 11th. Provident Bancorp’s payout ratio is 13.79%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PVBC. Amalgamated Bank acquired a new position in Provident Bancorp during the first quarter worth about $30,000. Allspring Global Investments Holdings LLC acquired a new position in Provident Bancorp during the first quarter worth about $53,000. MetLife Investment Management LLC grew its holdings in shares of Provident Bancorp by 57.0% during the first quarter. MetLife Investment Management LLC now owns 8,833 shares of the bank’s stock worth $143,000 after purchasing an additional 3,207 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Provident Bancorp by 11.0% during the first quarter. Goldman Sachs Group Inc. now owns 18,082 shares of the bank’s stock worth $293,000 after purchasing an additional 1,787 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Provident Bancorp by 27.5% during the second quarter. Rhumbline Advisers now owns 21,213 shares of the bank’s stock worth $333,000 after purchasing an additional 4,578 shares during the last quarter. Institutional investors and hedge funds own 43.36% of the company’s stock.

Provident Bancorp Company Profile

(Get Rating)

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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