Short Interest in Provident Bancorp Inc (NASDAQ:PVBC) Rises By 108.7%

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.

Shares of Provident Bancorp stock traded up $0.48 during mid-day trading on Thursday, hitting $9.17. The stock had a trading volume of 62,146 shares, compared to its average volume of 94,721. The firm has a 50-day moving average of $10.59 and a two-hundred day moving average of $14.08. Provident Bancorp has a 12-month low of $7.87 and a 12-month high of $14.23. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.65. The firm has a market cap of $169.28 million, a P/E ratio of 12.03 and a beta of 0.88.

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.

Featured Story: What is a Market Correction?

Receive News & Ratings for Provident Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Provident Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.