Dimensional Fund Advisors LP raised its stake in Provident Bancorp Inc (NASDAQ:PVBC – Free Report) by 16.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 335,437 shares of the bank’s stock after buying an additional 46,964 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Provident Bancorp were worth $3,418,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Provident Bancorp by 135.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock valued at $657,000 after buying an additional 37,151 shares during the last quarter. Empowered Funds LLC increased its position in shares of Provident Bancorp by 8.0% during the first 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 during the period. Rhumbline Advisers raised its stake in Provident Bancorp by 1,670.8% during the second quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after buying an additional 17,293 shares during the last quarter. Finally, Spinnaker Trust bought a new stake in Provident Bancorp in the 2nd quarter worth about $110,000. Institutional investors own 74.61% of the company’s stock.
Provident Bancorp Trading Up 0.8 %
Shares of PVBC stock opened at $10.27 on Friday. Provident Bancorp Inc has a fifty-two week low of $7.36 and a fifty-two week high of $12.32. 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 stock’s fifty day moving average is $10.42 and its two-hundred day moving average is $9.94. The firm has a market capitalization of $181.33 million, a P/E ratio of 12.23 and a beta of 0.45.
Analyst Upgrades and Downgrades
Separately, Stephens reissued an “equal weight” rating and issued a $11.00 target price on shares of Provident Bancorp in a report on Tuesday, July 30th.
Get Our Latest Research Report on Provident Bancorp
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.
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