Pallas Capital Advisors LLC Cuts Holdings in Provident Bancorp Inc (NASDAQ:PVBC)

Pallas Capital Advisors LLC lowered its stake in shares of Provident Bancorp Inc (NASDAQ:PVBC) by 84.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,000 shares of the bank’s stock after selling 76,314 shares during the period. Pallas Capital Advisors LLC owned 0.08% of Provident Bancorp worth $160,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in shares of Provident Bancorp by 135.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after purchasing an additional 37,151 shares during the last quarter. 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 purchasing an additional 17,293 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Provident Bancorp by 16.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after buying an additional 46,964 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Provident Bancorp by 2.9% in the 2nd quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock worth $941,000 after buying an additional 2,600 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Provident Bancorp by 43.3% in the 2nd quarter. Marshall Wace LLP now owns 27,491 shares of the bank’s stock worth $280,000 after buying an additional 8,307 shares during the last quarter. Institutional investors own 74.61% of the company’s stock.

Provident Bancorp Trading Up 1.8 %

Shares of NASDAQ:PVBC opened at $11.03 on Thursday. The business’s 50-day moving average is $11.34 and its 200 day moving average is $10.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. Provident Bancorp Inc has a 1 year low of $7.36 and a 1 year high of $12.32. The firm has a market capitalization of $195.56 million, a P/E ratio of 34.47 and a beta of 0.48.

Analysts Set New Price Targets

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

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.