Dimensional Fund Advisors LP raised its position in shares of Provident Bancorp Inc (NASDAQ:PVBC – Free Report) by 16.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 335,437 shares of the bank’s stock after purchasing an additional 46,964 shares during the quarter. Dimensional Fund Advisors LP owned 1.90% of Provident Bancorp worth $3,418,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in Provident Bancorp by 8.0% during the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock worth $322,000 after acquiring an additional 2,625 shares during the last quarter. Spinnaker Trust purchased a new stake in shares of Provident Bancorp in the 2nd quarter valued at approximately $110,000. Rhumbline Advisers increased 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 buying an additional 17,293 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Provident Bancorp by 135.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after buying an additional 37,151 shares during the last quarter. Institutional investors and hedge funds own 74.61% of the company’s stock.
Provident Bancorp Stock Performance
NASDAQ PVBC opened at $10.27 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $10.42 and its two-hundred day moving average is $9.94. The stock has a market capitalization of $181.33 million, a price-to-earnings ratio of 12.23 and a beta of 0.45. Provident Bancorp Inc has a 12-month low of $7.36 and a 12-month high of $12.32.
Analyst Upgrades and Downgrades
Separately, Stephens reissued an “equal weight” rating and issued a $11.00 target price on shares of Provident Bancorp in a research report on Tuesday, July 30th.
View Our Latest Stock Report on Provident Bancorp
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.
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