Nvest Financial LLC Makes New $166,000 Investment in Provident Bancorp Inc (NASDAQ:PVBC)

Nvest Financial LLC purchased a new stake in Provident Bancorp Inc (NASDAQ:PVBC) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 15,418 shares of the bank’s stock, valued at approximately $166,000.

Several other large investors also recently made changes to their positions in the stock. Spinnaker Trust bought a new stake in Provident Bancorp in the 2nd quarter valued at $110,000. Rhumbline Advisers increased its holdings in Provident Bancorp by 1,670.8% during the 2nd 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. Squarepoint Ops LLC raised its stake in shares of Provident Bancorp by 14.7% in the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after purchasing an additional 2,728 shares during the period. Marshall Wace LLP lifted its holdings in shares of 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 purchasing an additional 8,307 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Provident Bancorp by 8.0% during the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock worth $322,000 after buying an additional 2,625 shares during the period. Institutional investors own 74.61% of the company’s stock.

Provident Bancorp Stock Up 4.1 %

PVBC traded up $0.42 during trading hours on Friday, hitting $10.69. 20,692 shares of the company’s stock were exchanged, compared to its average volume of 51,103. The stock has a market cap of $188.89 million, a price-to-earnings ratio of 23.88 and a beta of 0.45. Provident Bancorp Inc has a 1-year low of $7.36 and a 1-year high of $12.32. The stock’s 50-day moving average is $10.42 and its two-hundred day moving average is $9.94. 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 (NASDAQ:PVBC) last posted its quarterly earnings data on Monday, July 29th. The bank reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.25). The business 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%. Sell-side analysts predict that Provident Bancorp Inc will post 0.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.