Provident Bancorp Inc (NASDAQ:PVBC) Shares Sold by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC lowered its position in shares of Provident Bancorp Inc (NASDAQ:PVBC) by 84.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 14,000 shares of the bank’s stock after selling 76,314 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Provident Bancorp were worth $160,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PVBC. JPMorgan Chase & Co. lifted its holdings in shares of Provident Bancorp by 165.8% during the third quarter. JPMorgan Chase & Co. now owns 50,554 shares of the bank’s stock worth $545,000 after purchasing an additional 31,535 shares during the period. Barclays PLC raised its position in Provident Bancorp by 51.6% during the 3rd quarter. Barclays PLC now owns 26,192 shares of the bank’s stock worth $283,000 after buying an additional 8,911 shares during the last quarter. Geode Capital Management LLC lifted its stake in Provident Bancorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock valued at $4,012,000 after acquiring an additional 6,078 shares during the period. State Street Corp boosted its holdings in shares of Provident Bancorp by 3.9% in the 3rd quarter. State Street Corp now owns 180,816 shares of the bank’s stock valued at $1,951,000 after acquiring an additional 6,864 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Provident Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after acquiring an additional 5,177 shares during the period. Hedge funds and other institutional investors own 74.61% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens upped their price target on shares of 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 Trading Up 1.8 %

Shares of NASDAQ:PVBC opened at $11.03 on Thursday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. Provident Bancorp Inc has a 12-month low of $7.36 and a 12-month high of $12.32. The business has a 50 day moving average of $11.34 and a two-hundred day moving average of $10.88. The company has a market capitalization of $195.56 million, a PE ratio of 34.47 and a beta of 0.48.

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.