Provident Bancorp Inc (NASDAQ:PVBC) announced a quarterly dividend on Thursday, April 22nd, Zacks reports. Investors of record on Friday, May 7th will be given a dividend of 0.04 per share by the bank on Friday, May 21st. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Thursday, May 6th. This is a positive change from Provident Bancorp’s previous quarterly dividend of $0.03.
Provident Bancorp has a dividend payout ratio of 25.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Provident Bancorp to earn $0.62 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 25.8%.
PVBC opened at $16.39 on Tuesday. Provident Bancorp has a fifty-two week low of $7.21 and a fifty-two week high of $16.58. The firm has a market capitalization of $304.71 million, a PE ratio of 28.75 and a beta of 1.01. The company’s 50-day moving average is $14.92 and its 200 day moving average is $12.18.
Several equities research analysts have recently issued reports on the stock. Piper Sandler upgraded shares of Provident Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $14.50 to $18.00 in a research note on Monday. Zacks Investment Research raised shares of Provident Bancorp from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Thursday, April 29th.
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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