Short-term stake in Provident Bancorp Inc (NASDAQ:PVBC) increases 67.2%

Provident Bancorp Inc (NASDAQ:PVBC – Get Rating) saw strong growth in short-term interest in February. As of February 15, there were short interests totaling 90,300 shares, a growth of 67.2% from the total of 54,000 shares as of January 31. Based on an average daily trading volume of 31,000 shares, the day-to-cover ratio is currently 2.9 days. About 0.6% of the stock’s shares are sold short.

Shares of Provident Bancorp were down $0.30 midday Friday, hitting $15.75. 231 shares of the company were traded, against an average volume of 28,274. The stock has a market capitalization of $282.32 million, a price-earnings ratio of 17.26 and a beta of 1.10. The company’s fifty-day moving average price is $17.65 and its 200-day moving average price is $17.42. Provident Bancorp has a 12-month low of $12.41 and a 12-month high of $20.14.

Provident Bancorp (NASDAQ:PVBC – Get Rating) last announced its quarterly results on Thursday, January 27. The bank reported earnings per share (EPS) of $0.21 for the quarter, missing the consensus estimate of $0.25 per ($0.04). The company posted revenue of $17.64 million for the quarter, versus a consensus estimate of $17.04 million. As a group, equity research analysts predict that Provident Bancorp will post 1 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which was paid on Friday, February 25. Shareholders of record on Thursday, February 10 received a dividend of $0.04 per share. This represents a dividend of $0.16 on an annualized basis and a yield of 1.02%. The ex-dividend date was Wednesday, February 9. Provident Bancorp’s payout ratio is 17.20%.

Separately, Zacks Investment Research downgraded shares of Provident Bancorp from a “buy” rating to a “hold” rating in a Tuesday, January 4, report.

A number of institutional investors and hedge funds have recently bought and sold shares of PVBC. Citigroup Inc. increased its stake in Provident Bancorp by 137.6% during the third quarter. Citigroup Inc. now owns 1,782 shares of the bank worth $29,000 after acquiring 1,032 more shares in the last quarter. Royal Bank of Canada increased its stake in Provident Bancorp shares to 85.4% in Q3. Royal Bank of Canada now owns 2,001 shares of the bank valued at $32,000 after buying 922 more shares in the last quarter. Metropolitan Life Insurance Co NY bought a new equity stake in Provident Bancorp in Q3 for $68,000. SG Americas Securities LLC bought a new equity stake in Provident Bancorp in Q3 valued at $152,000. Finally, First Trust Advisors LP purchased a new equity stake in Provident Bancorp in Q2 for $165,000. 41.85% of the shares are currently held by hedge funds and other institutional investors.

Provident Bancorp Company Profile (Get a rating)

Provident Bancorp, Inc is a Maryland corporation that was formed in 2019 to succeed Provident Bancorp, Inc, a Massachusetts corporation, and the holding company of The Provident Bank. Provident Bank, a subsidiary of Provident Bancorp, Inc, is an innovative commercial bank that finds solutions for its commercial and private customers.

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