Provident Bancorp (NASDAQ:PVBC) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Provident Bancorp (NASDAQ:PVBC) issued its earnings results on Thursday. The bank reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.24, Zacks reports. Provident Bancorp had a return on equity of 2.36% and a net margin of 5.53%.

Provident Bancorp Stock Up 0.1 %

NASDAQ PVBC traded up $0.01 during trading hours on Thursday, hitting $10.92. The company’s stock had a trading volume of 18,568 shares, compared to its average volume of 22,741. 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 company’s 50-day simple moving average is $11.30 and its two-hundred day simple moving average is $10.90. The company has a market capitalization of $193.61 million, a PE ratio of 34.13 and a beta of 0.48. Provident Bancorp has a 52 week low of $7.36 and a 52 week high of $12.32.

Analysts Set New Price Targets

Separately, Stephens boosted their price target 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.

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.