Provident Bancorp (NASDAQ:PVBC) Stock Price Crosses Below 50-Day Moving Average – What’s Next?

Provident Bancorp Inc (NASDAQ:PVBC)’s share price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $11.33 and traded as low as $10.51. Provident Bancorp shares last traded at $10.70, with a volume of 30,251 shares traded.

Wall Street Analyst Weigh In

Separately, Stephens increased their price objective on shares of Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 20th.

Provident Bancorp Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s 50-day moving average price is $11.34 and its 200 day moving average price is $10.88. The firm has a market capitalization of $195.56 million, a price-to-earnings ratio of 34.47 and a beta of 0.48.

Institutional Investors Weigh In On Provident Bancorp

A number of large investors have recently bought and sold shares of PVBC. Pallas Capital Advisors LLC boosted its stake in shares of Provident Bancorp by 174.3% during the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock valued at $973,000 after acquiring an additional 57,392 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Provident Bancorp by 16.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after purchasing an additional 46,964 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Provident Bancorp by 135.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock valued at $657,000 after purchasing an additional 37,151 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Provident Bancorp by 165.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 50,554 shares of the bank’s stock worth $545,000 after purchasing an additional 31,535 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Provident Bancorp by 1,670.8% during the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after buying an additional 17,293 shares in the last quarter. Institutional investors and hedge funds own 74.61% 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.