Provident Bancorp Inc (NASDAQ:PVBC) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Provident Bancorp Inc (NASDAQ:PVBC) by 165.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,554 shares of the bank’s stock after buying an additional 31,535 shares during the period. JPMorgan Chase & Co. owned approximately 0.29% of Provident Bancorp worth $545,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PVBC. 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in Provident Bancorp by 16.3% in the second quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after buying an additional 46,964 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Provident Bancorp by 2.9% in the second quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock valued at $941,000 after buying an additional 2,600 shares in the last quarter. Marshall Wace LLP increased its holdings in Provident Bancorp by 43.3% in the second quarter. Marshall Wace LLP now owns 27,491 shares of the bank’s stock valued at $280,000 after buying an additional 8,307 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in Provident Bancorp by 14.7% in the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after buying an additional 2,728 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Provident Bancorp Stock Up 4.7 %

Shares of NASDAQ PVBC opened at $11.94 on Tuesday. The company’s 50-day simple moving average is $11.33 and its 200-day simple moving average is $10.92. Provident Bancorp Inc has a 52-week low of $7.36 and a 52-week high of $12.32. The firm has a market cap of $211.70 million, a price-to-earnings ratio of 37.31 and a beta of 0.48. 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 (NASDAQ:PVBC) last announced its earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.24. Provident Bancorp had a net margin of 5.53% and a return on equity of 2.36%. Equities analysts predict that Provident Bancorp Inc will post 0.29 EPS for the current fiscal year.

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.