Provident Bancorp (NASDAQ:PVBC) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Provident Bancorp Inc (NASDAQ:PVBCGet Free Report)’s share price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $11.20 and traded as high as $11.61. Provident Bancorp shares last traded at $11.61, with a volume of 15,573 shares changing hands.

Wall Street Analysts Forecast Growth

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

Read Our Latest Report on PVBC

Provident Bancorp Stock Up 0.5 %

The stock’s fifty day simple moving average is $11.20 and its two-hundred day simple moving average is $10.75. 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 company has a market capitalization of $205.85 million, a price-to-earnings ratio of 36.28 and a beta of 0.48.

Hedge Funds Weigh In On Provident Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of PVBC. Pallas Capital Advisors LLC increased its position in Provident Bancorp by 174.3% in the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock worth $973,000 after buying an additional 57,392 shares during the period. Bank of New York Mellon Corp lifted its position in Provident Bancorp by 135.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock valued at $657,000 after purchasing an additional 37,151 shares during the last quarter. Marshall Wace LLP lifted its position in Provident Bancorp by 43.3% in the 2nd quarter. Marshall Wace LLP now owns 27,491 shares of the bank’s stock valued at $280,000 after purchasing an additional 8,307 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Provident Bancorp by 16.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after purchasing an additional 46,964 shares during the period. Finally, Nvest Financial LLC bought a new position in Provident Bancorp in the 3rd quarter worth about $166,000. 74.61% of the stock is currently owned by institutional investors and hedge funds.

Provident Bancorp Company Profile

(Get Free Report)

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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