Castine Capital Management LLC Raises Position in Provident Bancorp Inc (PVBC)

Castine Capital Management LLC boosted its stake in Provident Bancorp Inc (NASDAQ:PVBC) by 5.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,000 shares of the bank’s stock after buying an additional 12,559 shares during the quarter. Provident Bancorp makes up approximately 2.0% of Castine Capital Management LLC’s portfolio, making the stock its 29th largest holding. Castine Capital Management LLC owned approximately 2.39% of Provident Bancorp worth $5,325,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PVBC. Vanguard Group Inc. lifted its stake in Provident Bancorp by 21.3% in the 2nd quarter. Vanguard Group Inc. now owns 135,418 shares of the bank’s stock valued at $3,047,000 after buying an additional 23,821 shares in the last quarter. Northern Trust Corp lifted its stake in Provident Bancorp by 27.2% in the 2nd quarter. Northern Trust Corp now owns 53,185 shares of the bank’s stock valued at $1,196,000 after buying an additional 11,358 shares in the last quarter. Schwab Charles Investment Management Inc. purchased a new position in Provident Bancorp in the 3rd quarter valued at about $202,000. State Street Corp lifted its stake in Provident Bancorp by 11.7% in the 2nd quarter. State Street Corp now owns 68,305 shares of the bank’s stock valued at $1,537,000 after buying an additional 7,147 shares in the last quarter. Finally, Teachers Advisors LLC lifted its stake in Provident Bancorp by 67.6% in the 2nd quarter. Teachers Advisors LLC now owns 7,858 shares of the bank’s stock valued at $177,000 after buying an additional 3,169 shares in the last quarter. 18.45% of the stock is currently owned by hedge funds and other institutional investors.

Separately, ValuEngine lowered shares of Provident Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, December 1st.

Shares of Provident Bancorp Inc (PVBC) opened at $24.30 on Thursday. The company has a market cap of $237.81, a PE ratio of 28.72 and a beta of 0.27. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.68. Provident Bancorp Inc has a 1-year low of $16.45 and a 1-year high of $25.80.

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Provident Bancorp Profile

Provident Bancorp, Inc is the holding company of The Provident Bank. The Provident Bank is a community bank that serves the banking needs of its customers. The Provident Bank operates from its main office and over two branch offices in the Northeastern Massachusetts area and over four branch offices in Southeastern New Hampshire, and one branch is located in Bedford, New Hampshire.

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Institutional Ownership by Quarter for Provident Bancorp (NASDAQ:PVBC)

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