Provident Bancorp (NASDAQ:PVBC) Share Price Passes Below Fifty Day Moving Average – Time to Sell?

Provident Bancorp Inc (NASDAQ:PVBC) crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $11.33 and traded as low as $10.51. Provident Bancorp shares last traded at $10.70, with a volume of 30,251 shares trading hands.

Analysts Set New Price Targets

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

Provident Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.09. The firm’s 50 day moving average is $11.33 and its 200-day moving average is $10.87. The stock has a market capitalization of $189.71 million, a price-to-earnings ratio of 33.44 and a beta of 0.48.

Hedge Funds Weigh In On Provident Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC raised its stake in shares of Provident Bancorp by 2.9% during the 2nd quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock worth $941,000 after buying an additional 2,600 shares during the period. Squarepoint Ops LLC raised its position in Provident Bancorp by 14.7% during the second quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock worth $217,000 after acquiring an additional 2,728 shares during the period. MetLife Investment Management LLC lifted its holdings in 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 purchasing an additional 5,177 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Provident Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock worth $4,012,000 after purchasing an additional 6,078 shares in the last quarter. Finally, State Street Corp raised its position in shares of Provident Bancorp by 3.9% during the 3rd quarter. State Street Corp now owns 180,816 shares of the bank’s stock worth $1,951,000 after purchasing an additional 6,864 shares during the last quarter. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Provident Bancorp Company 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.