Provident Bancorp (NASDAQ:PVBC) Shares Cross Above 50 Day Moving Average – Here’s What Happened

Provident Bancorp Inc (NASDAQ:PVBC) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $11.79 and traded as high as $11.90. Provident Bancorp shares last traded at $11.47, with a volume of 63,688 shares trading hands.

Provident Bancorp Stock Performance

The stock’s 50 day moving average price is $11.79 and its 200 day moving average price is $11.25. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The company has a market cap of $203.36 million, a price-to-earnings ratio of 26.67 and a beta of 0.45.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.29 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, analysts expect that Provident Bancorp Inc will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in Provident Bancorp by 165.8% in the third quarter. JPMorgan Chase & Co. now owns 50,554 shares of the bank’s stock valued at $545,000 after buying an additional 31,535 shares during the period. Barclays PLC raised its holdings in Provident Bancorp by 51.6% in the third quarter. Barclays PLC now owns 26,192 shares of the bank’s stock valued at $283,000 after buying an additional 8,911 shares during the period. State Street Corp raised its holdings in Provident Bancorp by 3.9% in the third quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after buying an additional 6,864 shares during the period. Four Tree Island Advisory LLC purchased a new position in Provident Bancorp in the fourth quarter valued at approximately $1,053,000. Finally, Geode Capital Management LLC raised its holdings in Provident Bancorp by 1.7% in the third quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock valued at $4,012,000 after buying an additional 6,078 shares during the period. Hedge funds and other institutional investors own 74.61% of the company’s stock.

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.