Dennis Pollack Buys 10,000 Shares of Provident Bancorp Inc (NASDAQ:PVBC) Stock

Provident Bancorp Inc (NASDAQ:PVBC) Director Dennis Pollack bought 10,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was purchased at an average cost of $9.92 per share, for a total transaction of $99,200.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $99,200. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Provident Bancorp Stock Performance

PVBC traded down $0.07 during midday trading on Wednesday, reaching $9.92. The company’s stock had a trading volume of 111,130 shares, compared to its average volume of 37,730. The stock has a market cap of $175.19 million, a P/E ratio of 11.83 and a beta of 0.51. The company has a fifty day simple moving average of $9.00 and a 200 day simple moving average of $9.65. 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 Inc has a twelve month low of $7.36 and a twelve month high of $11.52.

Provident Bancorp (NASDAQ:PVBC) last released its earnings results on Thursday, April 25th. The bank reported $0.30 earnings per share (EPS) for the quarter. The firm had revenue of $13.84 million for the quarter. Provident Bancorp had a return on equity of 6.27% and a net margin of 14.09%. Research analysts expect that Provident Bancorp Inc will post 0.25 earnings per share for the current year.

Institutional Trading of Provident Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stilwell Value LLC lifted its position in shares of Provident Bancorp by 0.6% in the 4th quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock worth $18,443,000 after acquiring an additional 10,601 shares during the period. Kennedy Capital Management LLC lifted its position in shares of Provident Bancorp by 5.0% in the 3rd quarter. Kennedy Capital Management LLC now owns 198,690 shares of the bank’s stock worth $1,925,000 after acquiring an additional 9,468 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Provident Bancorp by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 97,441 shares of the bank’s stock worth $944,000 after acquiring an additional 2,393 shares during the period. Empowered Funds LLC lifted its position in shares of Provident Bancorp by 8.0% in the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock worth $322,000 after acquiring an additional 2,625 shares during the period. Finally, Citigroup Inc. bought a new stake in shares of Provident Bancorp in the 3rd quarter worth approximately $243,000. Institutional investors and hedge funds own 74.61% of the company’s stock.

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 research report on Monday, May 13th.

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.