Squarepoint Ops LLC Acquires 2,728 Shares of Provident Bancorp Inc (NASDAQ:PVBC)

Squarepoint Ops LLC raised its holdings in shares of Provident Bancorp Inc (NASDAQ:PVBC) by 14.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,278 shares of the bank’s stock after buying an additional 2,728 shares during the quarter. Squarepoint Ops LLC owned about 0.12% of Provident Bancorp worth $217,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PVBC. Spinnaker Trust purchased a new position in shares of Provident Bancorp during the second quarter worth about $110,000. Rhumbline Advisers increased its holdings in shares of Provident Bancorp by 1,670.8% in the 2nd 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. Marshall Wace LLP increased its holdings in shares of Provident Bancorp by 43.3% in the 2nd quarter. Marshall Wace LLP now owns 27,491 shares of the bank’s stock worth $280,000 after buying an additional 8,307 shares during the last quarter. Empowered Funds LLC raised its position in shares of Provident Bancorp by 8.0% during the 1st quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock valued at $322,000 after buying an additional 2,625 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Provident Bancorp by 135.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after acquiring an additional 37,151 shares during the last quarter. 74.61% of the stock is currently owned by institutional investors.

Provident Bancorp Price Performance

Shares of Provident Bancorp stock opened at $10.73 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. Provident Bancorp Inc has a 52-week low of $7.36 and a 52-week high of $12.32. The company has a fifty day moving average of $10.43 and a 200-day moving average of $9.96. The stock has a market capitalization of $189.45 million, a price-to-earnings ratio of 12.77 and a beta of 0.45.

Provident Bancorp (NASDAQ:PVBC) last posted its quarterly earnings results on Monday, July 29th. The bank reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.25). Provident Bancorp had a net margin of 7.28% and a return on equity of 3.17%. The business had revenue of $23.40 million for the quarter. Equities research analysts expect that Provident Bancorp Inc will post 0.26 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Stephens restated an “equal weight” rating and set a $11.00 price target on shares of Provident Bancorp in a research report on Tuesday, July 30th.

Provident Bancorp Profile

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.