Provident Bancorp (NASDAQ:PVBC) Share Price Crosses Above 50 Day Moving Average – Time to Sell?

Provident Bancorp Inc (NASDAQ:PVBC) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.70 and traded as high as $11.82. Provident Bancorp shares last traded at $11.78, with a volume of 24,132 shares changing hands.

Analysts Set New Price Targets

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

Provident Bancorp Stock Down 0.4 %

The firm has a market cap of $208.86 million, a price-to-earnings ratio of 27.40 and a beta of 0.48. 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 stock has a 50-day moving average of $11.70 and a 200-day moving average of $11.17.

Provident Bancorp (NASDAQ:PVBC) last released its earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.24. Provident Bancorp had a return on equity of 3.22% and a net margin of 7.62%. Sell-side analysts predict that Provident Bancorp Inc will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Provident Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position 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 acquiring an additional 31,535 shares in the last quarter. Barclays PLC lifted its stake in Provident Bancorp by 51.6% during the third quarter. Barclays PLC now owns 26,192 shares of the bank’s stock worth $283,000 after purchasing an additional 8,911 shares during the last quarter. State Street Corp boosted its holdings in shares of Provident Bancorp by 3.9% in the 3rd quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after purchasing an additional 6,864 shares in the last quarter. Four Tree Island Advisory LLC bought a new position in shares of Provident Bancorp in the 4th quarter valued at $1,053,000. Finally, Geode Capital Management LLC raised its holdings in shares of Provident Bancorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock worth $4,012,000 after buying an additional 6,078 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

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.