TheStreet upgraded shares of Provident Bancorp (NASDAQ:PVBC) from a c+ rating to a b rating in a research report report published on Friday morning, TheStreetRatingsTable reports.
Other equities research analysts also recently issued research reports about the company. Piper Sandler started coverage on Provident Bancorp in a report on Thursday, September 10th. They set a neutral rating for the company. Zacks Investment Research cut Provident Bancorp from a buy rating to a hold rating in a research report on Wednesday, November 11th. Finally, ValuEngine cut Provident Bancorp from a hold rating to a sell rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $11.00.
PVBC opened at $9.99 on Friday. Provident Bancorp has a fifty-two week low of $7.21 and a fifty-two week high of $12.92. The company has a market capitalization of $194.06 million, a P/E ratio of 13.14 and a beta of 0.90. The stock has a fifty day moving average of $8.51 and a 200-day moving average of $8.27.
Provident Bancorp (NASDAQ:PVBC) last posted its earnings results on Thursday, October 22nd. The bank reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.07. Provident Bancorp had a return on equity of 7.45% and a net margin of 17.82%. The company had revenue of $14.91 million during the quarter, compared to the consensus estimate of $14.17 million. As a group, sell-side analysts expect that Provident Bancorp will post 0.55 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Wednesday, November 4th. Provident Bancorp’s payout ratio is currently 20.00%.
A number of institutional investors have recently added to or reduced their stakes in PVBC. Wells Fargo & Company MN grew its position in Provident Bancorp by 41.5% in the first quarter. Wells Fargo & Company MN now owns 19,988 shares of the bank’s stock valued at $172,000 after acquiring an additional 5,865 shares during the last quarter. Morgan Stanley grew its holdings in shares of Provident Bancorp by 51.0% in the first quarter. Morgan Stanley now owns 17,492 shares of the bank’s stock worth $151,000 after acquiring an additional 5,907 shares during the period. Strs Ohio bought a new stake in shares of Provident Bancorp in the second quarter worth $219,000. First Quadrant L P CA bought a new stake in shares of Provident Bancorp in the second quarter worth $26,000. Finally, GWM Advisors LLC bought a new stake in shares of Provident Bancorp in the second quarter worth $267,000. Hedge funds and other institutional investors own 39.72% 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.
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