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.

(A d)

Whether you’re looking to learn the basics of futures or you’re a seasoned veteran looking to hone your trading skills, our technical analysis guide has everything you need to succeed in today’s futures markets. today!

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.

Featured Articles

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Provident Bancorp right now?

Before you consider Provident Bancorp, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market ripples…and Provident Bancorp was not on the list.

Although Provident Bancorp currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

About Virginia Ahn

Check Also

UniCredit (OTCMKTS:UNCRY) PT raised to €17.00 at Berenberg Bank

UniCredit (OTCMKTS:UNCRY – Get Rating) had its price target raised by Berenberg Bank equity research …