Provident Bancorp (NASDAQ:PVBC) Announces Earnings Results, Misses Expectations By $0.25 EPS

Provident Bancorp (NASDAQ:PVBC) issued its quarterly earnings results on Monday. The bank reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.25), Yahoo Finance reports. Provident Bancorp had a return on equity of 3.18% and a net margin of 7.28%. The company had revenue of $23.40 million during the quarter.

Provident Bancorp Trading Up 0.3 %

Shares of Provident Bancorp stock traded up $0.03 on Wednesday, hitting $10.90. 4,807 shares of the company traded hands, compared to its average volume of 55,972. Provident Bancorp has a 52 week low of $7.36 and a 52 week high of $12.32. The company has a market cap of $192.49 million, a PE ratio of 12.94 and a beta of 0.46. The stock’s 50 day moving average price is $10.33 and its 200-day moving average price is $9.80. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

Separately, Stephens reiterated an “equal weight” rating and set a $11.00 price target on shares of Provident Bancorp in a report on Tuesday.

Insider Buying and Selling at Provident Bancorp

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

About Provident Bancorp

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.