Marshall Wace LLP Raises Position in Provident Bancorp Inc (NASDAQ:PVBC)

Marshall Wace LLP raised its position in Provident Bancorp Inc (NASDAQ:PVBC) by 43.3% during the second quarter, Holdings Channel.com reports. The fund owned 27,491 shares of the bank’s stock after purchasing an additional 8,307 shares during the quarter. Marshall Wace LLP’s holdings in Provident Bancorp were worth $280,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PVBC. Empowered Funds LLC increased its position in shares of Provident Bancorp by 8.0% in the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after acquiring an additional 2,625 shares during the period. Bank of New York Mellon Corp boosted its stake in Provident Bancorp by 135.7% during the second quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after acquiring an additional 37,151 shares in the last quarter. Spinnaker Trust bought a new stake in Provident Bancorp during the second quarter worth about $110,000. Rhumbline Advisers raised 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 worth $187,000 after buying an additional 17,293 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised 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 worth $3,418,000 after buying an additional 46,964 shares during the last quarter. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Provident Bancorp Stock Up 4.5 %

Shares of PVBC stock opened at $10.73 on Friday. The stock has a market cap of $189.60 million, a P/E ratio of 24.95 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. The company has a 50 day simple moving average of $10.43 and a two-hundred day simple moving average of $9.95. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04.

Provident Bancorp (NASDAQ:PVBC) last issued its earnings results on Monday, July 29th. The bank reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.25). Provident Bancorp had a return on equity of 3.17% and a net margin of 7.28%. The company had revenue of $23.40 million for the quarter. On average, research analysts expect that Provident Bancorp Inc will post 0.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Provident Bancorp 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.