Provident Bancorp (NASDAQ:PVBC) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Provident Bancorp Inc (NASDAQ:PVBC) shares passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $11.20 and traded as high as $11.61. Provident Bancorp shares last traded at $11.61, with a volume of 15,573 shares.

Analyst Upgrades and Downgrades

Separately, Stephens lifted their price target 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.

Provident Bancorp Stock Performance

The company’s 50-day simple moving average is $11.20 and its 200-day simple moving average is $10.75. The stock has a market cap of $205.85 million, a price-to-earnings ratio of 36.28 and a beta of 0.48. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MetLife Investment Management LLC boosted its stake in Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after purchasing an additional 5,177 shares during the period. Spinnaker Trust acquired a new stake in shares of Provident Bancorp in the second quarter worth $110,000. Nvest Financial LLC acquired a new stake in shares of Provident Bancorp in the third quarter worth $166,000. Rhumbline Advisers grew its holdings in shares of Provident Bancorp by 1,670.8% during the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after buying an additional 17,293 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in Provident Bancorp by 14.7% during the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after buying an additional 2,728 shares during the period. 74.61% of the stock is currently owned by institutional investors and hedge funds.

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.