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

Provident Bancorp (NASDAQ:PVBC) had its price target boosted by Stephens from $11.00 to $12.00 in a report released on Wednesday,Benzinga reports. The brokerage 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 company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50 day moving average price is $10.73 and its 200-day moving average price is $10.40. Provident Bancorp has a one year low of $7.36 and a one year high of $12.32. The stock has a market cap of $201.94 million, a price-to-earnings ratio of 35.59 and a beta of 0.46.

Hedge Funds Weigh In On Provident Bancorp

Hedge funds have recently bought and sold shares of the business. Barclays PLC lifted its position in shares of 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. Geode Capital Management LLC increased its stake in Provident Bancorp by 1.7% in 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 during the period. State Street Corp lifted its holdings in Provident Bancorp by 3.9% during the 3rd quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after buying an additional 6,864 shares in the last quarter. MetLife Investment Management LLC boosted its position in Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after buying an additional 5,177 shares during the period. Finally, Pallas Capital Advisors LLC boosted its position in Provident Bancorp by 174.3% in the 3rd quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock valued at $973,000 after buying an additional 57,392 shares during the period. Institutional investors 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.