Provident Bancorp Inc (NASDAQ:PVBC) Sees Significant Growth in Short Interest

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 118,700 shares, a growth of 27.8% from the June 15th total of 92,900 shares. Currently, 0.8% of the company’s stock are sold short. Based on an average daily volume of 82,500 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analyst Weigh In

Separately, Stephens restated an “equal weight” rating and set a $11.00 price objective on shares of Provident Bancorp in a research report on Monday, May 13th.

Insider Transactions at Provident Bancorp

In other Provident Bancorp news, major shareholder Joseph Stilwell sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other Provident Bancorp news, major shareholder Joseph Stilwell sold 75,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $9.62, for a total transaction of $721,500.00. Following the completion of the sale, the insider now owns 271,014 shares in the company, valued at $2,607,154.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis Pollack purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was acquired at an average cost of $9.92 per share, with a total value of $99,200.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $99,200. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 16,075 shares of company stock valued at $158,161. Insiders own 3.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. acquired a new position in shares of Provident Bancorp during the third quarter valued at $243,000. Empowered Funds LLC increased its stake in Provident Bancorp by 8.0% during the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after buying an additional 2,625 shares during the period. Finally, Stilwell Value LLC increased its stake in Provident Bancorp by 0.6% during the 4th quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock valued at $18,443,000 after buying an additional 10,601 shares during the period. Institutional investors and hedge funds own 74.61% of the company’s stock.

Provident Bancorp Stock Performance

NASDAQ:PVBC traded up $0.36 during mid-day trading on Monday, hitting $11.50. The stock had a trading volume of 41,214 shares, compared to its average volume of 55,970. Provident Bancorp has a 52 week low of $7.36 and a 52 week high of $11.53. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $203.09 million, a price-to-earnings ratio of 13.69 and a beta of 0.46. The company has a 50 day simple moving average of $9.85 and a 200-day simple moving average of $9.71.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings results on Thursday, April 25th. The bank reported $0.30 earnings per share for the quarter. Provident Bancorp had a return on equity of 6.27% and a net margin of 14.09%. The company had revenue of $13.84 million for the quarter. On average, research analysts expect that Provident Bancorp will post 0.5 earnings per share for the current fiscal year.

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.