Stephens Forecasts Strong Price Appreciation for Provident Bancorp (NASDAQ:PVBC) Stock

Provident Bancorp (NASDAQ:PVBC) had its target price upped by Stephens from $11.00 to $12.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Provident Bancorp Stock Up 0.7 %

Shares of NASDAQ PVBC opened at $11.05 on Wednesday. The stock has a market capitalization of $195.92 million, a P/E ratio of 34.53 and a beta of 0.46. The company has a 50-day moving average price of $10.70 and a 200-day moving average price of $10.39. Provident Bancorp has a 1 year low of $7.36 and a 1 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.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in shares of Provident Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock valued at $4,012,000 after buying an additional 6,078 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Provident Bancorp by 16.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after buying an additional 46,964 shares during the last quarter. State Street Corp grew its holdings in shares of Provident Bancorp by 3.9% during the third quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after buying an additional 6,864 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Provident Bancorp by 2.9% during the second quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock valued at $941,000 after buying an additional 2,600 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of Provident Bancorp by 174.3% during the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock valued at $973,000 after buying an additional 57,392 shares during the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

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.