Provident Bancorp (NASDAQ:PVBC) Price Target Raised to $12.00

Provident Bancorp (NASDAQ:PVBC) had its price objective upped by Stephens from $11.00 to $12.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.

Provident Bancorp Trading Up 2.1 %

PVBC opened at $11.39 on Wednesday. The firm has a market capitalization of $201.94 million, a P/E ratio of 35.06 and a beta of 0.46. The firm’s 50 day moving average is $10.72 and its 200-day moving average is $10.39. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04. Provident Bancorp has a 52-week low of $7.36 and a 52-week high of $12.32.

Institutional Trading of Provident Bancorp

Large investors have recently modified their holdings of the business. MetLife Investment Management LLC boosted its holdings in Provident Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after purchasing an additional 5,177 shares during the last quarter. Spinnaker Trust acquired a new stake in shares of Provident Bancorp during the second quarter worth approximately $110,000. Nvest Financial LLC bought a new stake in shares of Provident Bancorp in the third quarter worth $166,000. Rhumbline Advisers raised its holdings in Provident Bancorp by 1,670.8% in the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after acquiring an additional 17,293 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in Provident Bancorp by 14.7% during the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after acquiring an additional 2,728 shares during the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

Provident Bancorp Company Profile

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.