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

Shares of Provident Bancorp Inc (NASDAQ:PVBC) passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $11.89 and traded as low as $11.32. Provident Bancorp shares last traded at $11.48, with a volume of 16,618 shares.

Provident Bancorp Stock Performance

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 has a market cap of $203.54 million, a P/E ratio of 26.70 and a beta of 0.45. The business has a fifty day simple moving average of $11.89 and a 200-day simple moving average of $11.32.

Provident Bancorp (NASDAQ:PVBC) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.24. Provident Bancorp had a net margin of 7.62% and a return on equity of 3.22%. On average, sell-side analysts predict that Provident Bancorp Inc will post 0.43 EPS for the current fiscal year.

Institutional Trading of Provident Bancorp

Hedge funds have recently made changes to their positions in the stock. Nuveen Asset Management LLC raised its stake in Provident Bancorp by 7.1% during the fourth quarter. Nuveen Asset Management LLC now owns 22,549 shares of the bank’s stock valued at $257,000 after buying an additional 1,489 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Provident Bancorp by 1.2% during the fourth quarter. Northern Trust Corp now owns 128,754 shares of the bank’s stock valued at $1,468,000 after acquiring an additional 1,508 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Provident Bancorp by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 373,317 shares of the bank’s stock worth $4,256,000 after purchasing an additional 1,579 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Provident Bancorp by 23.8% in the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock worth $108,000 after purchasing an additional 1,824 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Provident Bancorp by 6.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 45,932 shares of the bank’s stock valued at $524,000 after purchasing an additional 2,815 shares during the last quarter. 74.61% of the stock is owned by institutional investors.

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.