Provident Bancorp Inc (NASDAQ:PVBC) Short Interest Update

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 118,700 shares, an increase of 27.8% from the June 15th total of 92,900 shares. Based on an average daily trading volume, of 82,500 shares, the short-interest ratio is currently 1.4 days. Approximately 0.8% of the shares of the company are short sold.

Insider Transactions at Provident Bancorp

In other Provident Bancorp news, CFO Kenneth R. Fisher bought 5,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were purchased at an average price of $9.61 per share, with a total value of $48,050.00. Following the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $48,050. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Provident Bancorp news, Director Dennis Pollack bought 10,000 shares of Provident Bancorp stock in a transaction that occurred on Tuesday, June 4th. The stock was purchased at an average cost of $9.92 per share, for a total transaction of $99,200.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $99,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kenneth R. Fisher purchased 5,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was acquired at an average price of $9.61 per share, for a total transaction of $48,050.00. Following the transaction, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $48,050. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 16,075 shares of company stock worth $158,161. Company insiders own 3.88% of the company’s stock.

Institutional Trading of Provident Bancorp

A number of institutional investors have recently bought and sold shares of PVBC. Citigroup Inc. purchased a new stake in shares of Provident Bancorp during the 3rd quarter worth about $243,000. Stilwell Value LLC grew its position in Provident Bancorp by 0.6% in the fourth quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock worth $18,443,000 after acquiring an additional 10,601 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Provident Bancorp by 8.0% during the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after purchasing an additional 2,625 shares in the last quarter. Institutional investors and hedge funds own 74.61% of the company’s stock.

Provident Bancorp Stock Up 3.2 %

NASDAQ:PVBC traded up $0.36 on Monday, hitting $11.50. 41,214 shares of the company’s stock traded hands, compared to its average volume of 55,970. The firm has a 50-day moving average price of $9.85 and a 200-day moving average price of $9.71. 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 $203.09 million, a PE ratio of 13.69 and a beta of 0.46. Provident Bancorp has a 1 year low of $7.36 and a 1 year high of $11.53.

Provident Bancorp (NASDAQ:PVBC) last released its quarterly earnings data on Thursday, April 25th. The bank reported $0.30 earnings per share for the quarter. The firm had revenue of $13.84 million for the quarter. Provident Bancorp had a net margin of 14.09% and a return on equity of 6.27%. Equities analysts anticipate that Provident Bancorp will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Stephens reaffirmed an “equal weight” rating and issued a $11.00 target price on shares of Provident Bancorp in a research report on Monday, May 13th.

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.