Short Interest in Provident Bancorp Inc (NASDAQ:PVBC) Rises By 108.7%

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totalling 38,400 shares, an increase of 108.7% from the February 27th total of 18,400 shares. Based on an average trading volume of 119,000 shares, the short-interest ratio is presently 0.3 days. Currently, 0.6% of the shares of the company are sold short.

Shares of NASDAQ PVBC traded up $0.48 during midday trading on Thursday, hitting $9.17. The company had a trading volume of 62,146 shares, compared to its average volume of 94,721. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.65. Provident Bancorp has a twelve month low of $7.87 and a twelve month high of $14.23. The business has a 50-day simple moving average of $10.59 and a two-hundred day simple moving average of $14.08. The firm has a market capitalization of $169.28 million, a price-to-earnings ratio of 12.03 and a beta of 0.88.

Provident Bancorp (NASDAQ:PVBC) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.03). Provident Bancorp had a net margin of 19.42% and a return on equity of 8.31%. The company had revenue of $12.54 million during the quarter.

Several brokerages have recently weighed in on PVBC. ValuEngine downgraded shares of Provident Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. Compass Point cut shares of Provident Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $13.50 to $12.00 in a research note on Wednesday, March 4th.

Several hedge funds and other institutional investors have recently made changes to their positions in PVBC. TCW Group Inc. acquired a new stake in shares of Provident Bancorp in the fourth quarter valued at about $3,280,000. Renaissance Technologies LLC lifted its stake in shares of Provident Bancorp by 946.5% in the fourth quarter. Renaissance Technologies LLC now owns 184,077 shares of the bank’s stock valued at $2,292,000 after purchasing an additional 166,487 shares during the period. State Street Corp lifted its stake in shares of Provident Bancorp by 111.6% in the fourth quarter. State Street Corp now owns 198,490 shares of the bank’s stock valued at $2,471,000 after purchasing an additional 104,689 shares during the period. Royce & Associates LP acquired a new stake in shares of Provident Bancorp in the fourth quarter valued at about $911,000. Finally, Lynch & Associates IN acquired a new stake in shares of Provident Bancorp in the fourth quarter valued at about $853,000. Hedge funds and other institutional investors own 37.01% 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.

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