Provident Bancorp (NASDAQ:PVBC) Issues Quarterly Earnings Results

Provident Bancorp (NASDAQ:PVBC) issued its earnings results on Monday. The bank reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.25), Yahoo Finance reports. Provident Bancorp had a return on equity of 6.27% and a net margin of 14.09%. The company had revenue of $23.40 million during the quarter.

Provident Bancorp Price Performance

Shares of NASDAQ PVBC opened at $10.70 on Tuesday. The firm has a market capitalization of $188.96 million, a PE ratio of 13.63 and a beta of 0.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. Provident Bancorp has a 1-year low of $7.36 and a 1-year high of $12.32. The business’s fifty day moving average price is $10.30 and its two-hundred day moving average price is $9.80.

Wall Street Analyst Weigh In

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.

Insider Activity

In other news, major shareholder Joseph Stilwell sold 75,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total transaction of $721,500.00. Following the transaction, the insider now directly owns 271,014 shares of the company’s stock, valued at $2,607,154.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Joseph Stilwell sold 75,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.62, for a total transaction of $721,500.00. Following the transaction, the insider now directly owns 271,014 shares of the company’s stock, valued at $2,607,154.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kenneth R. Fisher purchased 5,000 shares of the stock in a transaction dated Friday, June 14th. The shares were acquired at an average cost of $9.61 per share, for a total transaction of $48,050.00. Following the completion of the acquisition, the chief financial officer now directly 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 ninety days, insiders have acquired 16,075 shares of company stock valued at $158,161. Company insiders own 3.88% 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.