Provident Bancorp Inc (PVBC) to Issue Quarterly Dividend of $0.04 on May 21st

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.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings data on Thursday, April 22nd. The bank reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.07. Sell-side analysts predict that Provident Bancorp will post 0.67 earnings per share for the current fiscal year.

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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Dividend History for Provident Bancorp (NASDAQ:PVBC)

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