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

Provident Bancorp (NASDAQ:PVBC) had its price objective boosted by analysts at Stephens from $11.00 to $12.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Stephens’ target price would indicate a potential upside of 7.62% from the stock’s current price.

Provident Bancorp Trading Up 0.9 %

Shares of Provident Bancorp stock opened at $11.15 on Wednesday. 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 has a 12-month low of $7.36 and a 12-month high of $12.32. The company has a market capitalization of $197.69 million, a price-to-earnings ratio of 34.84 and a beta of 0.46. The firm’s 50-day moving average price is $10.70 and its two-hundred day moving average price is $10.39.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PVBC. Pallas Capital Advisors LLC boosted its holdings in shares of 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 purchasing an additional 57,392 shares in the last quarter. Bank of New York Mellon Corp grew its position in Provident Bancorp by 135.7% in the second quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock valued at $657,000 after acquiring an additional 37,151 shares during the last quarter. Marshall Wace LLP grew its position 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 acquiring an additional 8,307 shares during the last quarter. Dimensional Fund Advisors LP grew its position 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 acquiring an additional 46,964 shares during the last quarter. Finally, Nvest Financial LLC bought a new position in shares of Provident Bancorp in the third quarter worth about $166,000. 74.61% of the stock is currently owned by institutional investors and hedge funds.

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.