Provident Bancorp Inc (NASDAQ:PVBC – Get Free Report) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 287,300 shares, a growth of 142.0% from the June 30th total of 118,700 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average trading volume of 81,400 shares, the days-to-cover ratio is presently 3.5 days.
Provident Bancorp Stock Performance
PVBC traded down $0.11 during trading on Friday, hitting $11.86. The stock had a trading volume of 31,415 shares, compared to its average volume of 152,477. The company has a 50 day moving average price of $10.25 and a 200-day moving average price of $9.79. The firm has a market cap of $209.40 million, a price-to-earnings ratio of 14.12 and a beta of 0.46. Provident Bancorp has a one year low of $7.36 and a one year high of $12.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09.
Provident Bancorp (NASDAQ:PVBC – Get Free Report) last released its earnings results on Thursday, April 25th. The bank reported $0.30 earnings per share for the quarter. The firm had revenue of $13.84 million during the quarter. Provident Bancorp had a return on equity of 6.27% and a net margin of 14.09%. As a group, research analysts predict that Provident Bancorp will post 0.5 EPS for the current year.
Wall Street Analyst Weigh In
Read Our Latest Stock Report on Provident Bancorp
Insider Buying and Selling
In other Provident Bancorp news, Director Dennis Pollack bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were acquired at an average cost of $9.92 per share, with a total value of $99,200.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $99,200. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Joseph Stilwell sold 75,000 shares of the business’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 transaction, the insider now directly owns 271,014 shares of the company’s stock, valued at approximately $2,607,154.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dennis Pollack purchased 10,000 shares of Provident Bancorp stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $99,200. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 16,075 shares of company stock valued at $158,161. 3.88% of the stock is owned by insiders.
Institutional Trading of Provident Bancorp
A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $657,000 after acquiring an additional 37,151 shares during the period. Empowered Funds LLC lifted its position in shares of 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 acquiring an additional 2,625 shares during the period. Stilwell Value LLC lifted its position in shares of Provident Bancorp by 0.6% during the 4th quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock worth $18,443,000 after buying an additional 10,601 shares during the last quarter. Finally, Citigroup Inc. bought a new stake in shares of Provident Bancorp during the 3rd quarter worth $243,000. 74.61% of the stock is currently owned by institutional investors.
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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