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

Provident Bancorp (NASDAQ:PVBC) had its price objective lifted by Stephens from $11.00 to $12.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Provident Bancorp Stock Performance

Shares of NASDAQ PVBC opened at $11.39 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. The firm’s 50-day moving average price is $10.72 and its two-hundred day moving average price is $10.39. Provident Bancorp has a 52-week low of $7.36 and a 52-week high of $12.32. The stock has a market capitalization of $201.94 million, a P/E ratio of 35.06 and a beta of 0.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PVBC. MetLife Investment Management LLC lifted its stake in Provident Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after buying an additional 5,177 shares during the last quarter. Spinnaker Trust acquired a new stake in shares of Provident Bancorp in the 2nd quarter worth about $110,000. Nvest Financial LLC bought a new stake in Provident Bancorp in the 3rd quarter valued at about $166,000. Rhumbline Advisers boosted its stake in Provident Bancorp by 1,670.8% during the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after purchasing an additional 17,293 shares during the period. Finally, Squarepoint Ops LLC grew its position in Provident Bancorp by 14.7% in the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after purchasing an additional 2,728 shares during the last quarter. Institutional investors and hedge funds own 74.61% of the company’s stock.

About Provident Bancorp

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.