Provident Bancorp (NASDAQ:PVBC) Given New $12.00 Price Target at Stephens

Provident Bancorp (NASDAQ:PVBC) had its target price hoisted by Stephens from $11.00 to $12.00 in a research report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Provident Bancorp Stock Up 2.1 %

Shares of Provident Bancorp stock opened at $11.39 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $201.94 million, a price-to-earnings ratio of 35.59 and a beta of 0.46. The firm’s 50-day moving average is $10.73 and its two-hundred day moving average is $10.40. Provident Bancorp has a 1 year low of $7.36 and a 1 year high of $12.32.

Hedge Funds Weigh In On Provident Bancorp

Several institutional investors have recently bought and sold shares of PVBC. Pallas Capital Advisors LLC lifted its holdings in Provident Bancorp by 174.3% during the third quarter. Pallas Capital Advisors LLC now owns 90,314 shares of the bank’s stock worth $973,000 after buying an additional 57,392 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Provident Bancorp by 16.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,437 shares of the bank’s stock worth $3,418,000 after acquiring an additional 46,964 shares in the last quarter. Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 37,151 shares during the last quarter. Rhumbline Advisers boosted its position 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 purchasing an additional 17,293 shares in the last quarter. Finally, Nvest Financial LLC purchased a new position in Provident Bancorp in the third quarter valued at about $166,000. 74.61% of the stock is owned by hedge funds and other institutional investors.

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.