Provident Bancorp Inc (NASDAQ:PVBC) Short Interest Down 17.9% in November

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 161,900 shares, a drop of 17.9% from the October 31st total of 197,100 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 39,400 shares, the days-to-cover ratio is currently 4.1 days.

Provident Bancorp Price Performance

Shares of NASDAQ:PVBC opened at $11.67 on Friday. The firm has a market capitalization of $206.91 million, a PE ratio of 36.47 and a beta of 0.46. 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 company has a 50-day moving average price of $10.81 and a two-hundred day moving average price of $10.48. Provident Bancorp has a twelve month low of $7.36 and a twelve month high of $12.32.

Analyst Upgrades and Downgrades

Separately, Stephens upped 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Pallas Capital Advisors LLC raised its holdings in Provident Bancorp by 174.3% during the 3rd quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock valued at $973,000 after acquiring an additional 57,392 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Provident Bancorp by 16.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock valued at $3,418,000 after purchasing an additional 46,964 shares during the period. Bank of New York Mellon Corp lifted its holdings in Provident Bancorp by 135.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after purchasing an additional 37,151 shares in the last quarter. Rhumbline Advisers increased its holdings in Provident Bancorp by 1,670.8% during the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after acquiring an additional 17,293 shares during the period. Finally, Nvest Financial LLC purchased a new stake in Provident Bancorp in the 3rd quarter worth approximately $166,000. 74.61% of the stock is owned by institutional investors.

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.