Provident Bancorp Inc (NASDAQ:PVBC) was the target of a large increase in short interest in the month of March. As of March 13th, there was short interest totalling 38,400 shares, an increase of 108.7% from the February 27th total of 18,400 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 119,000 shares, the short-interest ratio is currently 0.3 days.
Several analysts have recently weighed in on PVBC shares. ValuEngine cut shares of Provident Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. Compass Point cut shares of Provident Bancorp from a “buy” rating to a “neutral” rating and dropped their price target for the company from $13.50 to $12.00 in a research note on Wednesday, March 4th.
A number of institutional investors have recently added to or reduced their stakes in PVBC. State Street Corp lifted its holdings in Provident Bancorp by 6.1% during the 3rd quarter. State Street Corp now owns 93,801 shares of the bank’s stock worth $2,254,000 after buying an additional 5,414 shares in the last quarter. Lynch & Associates IN acquired a new stake in shares of Provident Bancorp in the 4th quarter valued at $853,000. Vigilant Capital Management LLC raised its holdings in shares of Provident Bancorp by 162.7% in 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 in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Provident Bancorp by 102.1% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 42,455 shares of the bank’s stock valued at $526,000 after purchasing an additional 21,450 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Provident Bancorp in the 4th quarter valued at $135,000. Institutional investors own 37.01% of the company’s stock.
Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.03). The firm had revenue of $12.54 million during the quarter. Provident Bancorp had a net margin of 19.42% and a return on equity of 8.31%.
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.
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