Provident Bancorp (NASDAQ:PVBC) Share Price Crosses Below Fifty Day Moving Average of $16.43

Shares of Provident Bancorp Inc (NASDAQ:PVBC) crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $16.43 and traded as low as $15.79. Provident Bancorp shares last traded at $15.88, with a volume of 80,080 shares changing hands.

Several research analysts recently weighed in on PVBC shares. Zacks Investment Research lowered Provident Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 29th. Piper Sandler upgraded Provident Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $14.50 to $18.00 in a research report on Monday, April 26th.

The business has a 50 day simple moving average of $16.43. The stock has a market cap of $292.73 million, a P/E ratio of 17.64 and a beta of 1.13.

Provident Bancorp (NASDAQ:PVBC) last announced its quarterly earnings data on Thursday, April 22nd. The bank reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.07. The company had revenue of $15.93 million during the quarter, compared to analyst estimates of $15.11 million. Equities research analysts predict that Provident Bancorp Inc will post 1 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. Citigroup Inc. grew its holdings in shares of Provident Bancorp by 622.4% during the fourth quarter. Citigroup Inc. now owns 3,005 shares of the bank’s stock worth $36,000 after purchasing an additional 2,589 shares during the last quarter. American International Group Inc. grew its holdings in shares of Provident Bancorp by 90.6% during the fourth quarter. American International Group Inc. now owns 9,845 shares of the bank’s stock worth $118,000 after purchasing an additional 4,680 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Provident Bancorp during the first quarter worth about $184,000. UBS Group AG grew its holdings in shares of Provident Bancorp by 6.3% during the first quarter. UBS Group AG now owns 14,032 shares of the bank’s stock worth $202,000 after purchasing an additional 835 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Provident Bancorp by 52.6% during the first quarter. New York State Common Retirement Fund now owns 14,246 shares of the bank’s stock worth $205,000 after purchasing an additional 4,909 shares during the last quarter. Institutional investors own 42.71% of the company’s stock.

Provident Bancorp Company Profile (NASDAQ:PVBC)

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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