Provident Bancorp Inc (NASDAQ:PVBC) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in Provident Bancorp Inc (NASDAQ:PVBC) by 135.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,524 shares of the bank’s stock after acquiring an additional 37,151 shares during the period. Bank of New York Mellon Corp owned 0.37% of Provident Bancorp worth $657,000 at the end of the most recent reporting period.

Separately, Empowered Funds LLC lifted its stake in shares of Provident Bancorp by 8.0% in the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after purchasing an additional 2,625 shares during the last quarter. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Analyst Ratings Changes

Separately, Stephens restated an “equal weight” rating and issued a $11.00 price objective on shares of Provident Bancorp in a report on Tuesday, July 30th.

Provident Bancorp Stock Performance

Shares of PVBC stock opened at $10.80 on Tuesday. Provident Bancorp Inc has a one year low of $7.36 and a one year high of $12.32. 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 firm’s 50 day moving average price is $10.68 and its 200-day moving average price is $9.84. The firm has a market cap of $190.68 million, a P/E ratio of 12.86 and a beta of 0.45.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings results on Monday, July 29th. The bank reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.25). The firm had revenue of $23.40 million for the quarter. Provident Bancorp had a return on equity of 3.17% and a net margin of 7.28%. As a group, equities research analysts predict that Provident Bancorp Inc will post 0.26 EPS for the current year.

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.