Provident Bancorp Inc (NASDAQ:PVBC) Short Interest Update

Provident Bancorp Inc (NASDAQ:PVBC) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 161,900 shares, a drop of 17.9% from the October 31st total of 197,100 shares. Based on an average trading volume of 39,400 shares, the days-to-cover ratio is presently 4.1 days. Currently, 1.0% of the shares of the stock are sold short.

Provident Bancorp Trading Up 1.7 %

Provident Bancorp stock traded up $0.19 during trading on Friday, reaching $11.67. 26,872 shares of the company were exchanged, compared to its average volume of 49,117. Provident Bancorp has a 52-week low of $7.36 and a 52-week high of $12.32. The company has a market capitalization of $206.91 million, a P/E ratio of 36.47 and a beta of 0.46. The stock’s 50 day simple moving average is $10.81 and its two-hundred day simple moving average is $10.47. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09.

Institutional Investors Weigh In On Provident Bancorp

Several hedge funds have recently modified their holdings of PVBC. Bank of New York Mellon Corp lifted 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 purchasing an additional 37,151 shares during the period. Spinnaker Trust purchased a new stake in shares of Provident Bancorp in the second quarter valued at approximately $110,000. Rhumbline Advisers raised its position 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 acquiring an additional 17,293 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 period. Finally, Renaissance Technologies LLC boosted its position in shares of Provident Bancorp by 2.9% during the 2nd quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock worth $941,000 after purchasing an additional 2,600 shares in the last quarter. 74.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.