Provident Bancorp Inc (NASDAQ:PVBC) Sees Significant Drop in Short Interest

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant drop in short interest in the month of February. As of February 14th, there was short interest totalling 82,000 shares, a drop of 30.7% from the January 30th total of 118,400 shares. Based on an average trading volume of 62,400 shares, the days-to-cover ratio is presently 1.3 days. Currently, 1.0% of the shares of the company are sold short.

Hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in Provident Bancorp by 250.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,554 shares of the bank’s stock valued at $30,000 after buying an additional 1,826 shares during the period. American International Group Inc. increased its holdings in Provident Bancorp by 100.4% in the 4th quarter. American International Group Inc. now owns 5,398 shares of the bank’s stock valued at $67,000 after buying an additional 2,705 shares during the period. Bank of America Corp DE increased its holdings in Provident Bancorp by 102.7% in the 4th quarter. Bank of America Corp DE now owns 7,852 shares of the bank’s stock valued at $98,000 after buying an additional 3,978 shares during the period. First Trust Advisors LP bought a new position in Provident Bancorp in the 4th quarter valued at about $135,000. Finally, Vigilant Capital Management LLC grew its holdings in shares of Provident Bancorp by 162.7% during the 4th quarter. Vigilant Capital Management LLC now owns 13,137 shares of the bank’s stock valued at $164,000 after purchasing an additional 8,137 shares during the last quarter. 37.06% of the stock is currently owned by hedge funds and other institutional investors.

PVBC stock traded down $0.01 during mid-day trading on Wednesday, hitting $11.59. The stock had a trading volume of 58,300 shares, compared to its average volume of 85,529. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.65. Provident Bancorp has a 52 week low of $10.75 and a 52 week high of $14.23. The firm has a market capitalization of $225.62 million, a P/E ratio of 15.20 and a beta of 0.87. The firm has a fifty day simple moving average of $12.14 and a 200 day simple moving average of $16.41.

Provident Bancorp (NASDAQ:PVBC) last released its earnings results on Thursday, January 23rd. The bank reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.03). Provident Bancorp had a net margin of 19.42% and a return on equity of 8.31%. The firm had revenue of $12.54 million during the quarter.

Separately, ValuEngine lowered shares of Provident Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, February 21st.

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.

Further Reading: How Do You Calculate Return on Equity (ROE)?

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