Provident Bancorp Inc (NASDAQ:PVBC) Short Interest Update

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

Institutional Investors Weigh In On Provident Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC lifted its holdings in Provident Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after buying an additional 5,177 shares during the period. Spinnaker Trust acquired a new stake in shares of Provident Bancorp during the second quarter worth $110,000. Nvest Financial LLC bought a new stake in Provident Bancorp in the third quarter valued at about $166,000. Rhumbline Advisers boosted its holdings in Provident Bancorp by 1,670.8% during the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock worth $187,000 after buying an additional 17,293 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in shares of Provident Bancorp by 14.7% during the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after buying an additional 2,728 shares during the period. Institutional investors own 74.61% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Stephens lifted their target price on shares of Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 20th.

Provident Bancorp Price Performance

Shares of PVBC stock opened at $11.67 on Monday. The firm’s 50 day moving average is $10.81 and its 200-day moving average is $10.49. Provident Bancorp has a 1 year low of $7.36 and a 1 year high of $12.32. 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 firm has a market capitalization of $206.91 million, a price-to-earnings ratio of 36.47 and a beta of 0.46.

Provident Bancorp Company Profile

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.