Provident Bancorp (NASDAQ:PVBC) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

Provident Bancorp Inc (NASDAQ:PVBC)’s share price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $11.20 and traded as high as $11.61. Provident Bancorp shares last traded at $11.61, with a volume of 15,573 shares traded.

Analyst Upgrades and Downgrades

Separately, Stephens boosted their price target on Provident Bancorp from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 20th.

Provident Bancorp Stock Down 1.4 %

The stock has a market cap of $203.01 million, a P/E ratio of 35.78 and a beta of 0.48. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04. The business has a 50-day simple moving average of $11.23 and a 200-day simple moving average of $10.77.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC lifted its stake in shares of Provident Bancorp by 129.1% during the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after acquiring an additional 5,177 shares during the period. Spinnaker Trust acquired a new position in Provident Bancorp during the 2nd quarter valued at about $110,000. Nvest Financial LLC acquired a new stake in shares of Provident Bancorp during the 3rd quarter worth approximately $166,000. Rhumbline Advisers raised its stake in shares of 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 lifted its holdings in Provident Bancorp by 14.7% in the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after buying an additional 2,728 shares during the period. 74.61% of the stock is owned by institutional investors.

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.