Provident Bancorp Inc (NASDAQ:PVBC) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 41,800 shares, a decrease of 14.5% from the August 31st total of 48,900 shares. Based on an average daily volume of 41,900 shares, the short-interest ratio is currently 1.0 days. Approximately 0.6% of the company’s shares are sold short.
Several research analysts have commented on PVBC shares. Piper Sandler assumed coverage on Provident Bancorp in a report on Thursday, September 10th. They set a “neutral” rating on the stock. ValuEngine downgraded Provident Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd.
Institutional investors have recently made changes to their positions in the stock. M3F Inc. increased its holdings in Provident Bancorp by 30.6% in the second quarter. M3F Inc. now owns 859,752 shares of the bank’s stock worth $6,758,000 after purchasing an additional 201,235 shares in the last quarter. BlackRock Inc. lifted its position in shares of Provident Bancorp by 37.1% during the 1st quarter. BlackRock Inc. now owns 613,139 shares of the bank’s stock valued at $5,285,000 after acquiring an additional 165,913 shares during the period. Seidman Lawrence B boosted its stake in Provident Bancorp by 426.3% during the first quarter. Seidman Lawrence B now owns 199,138 shares of the bank’s stock worth $1,717,000 after acquiring an additional 161,300 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Provident Bancorp by 463.1% during the first quarter. JPMorgan Chase & Co. now owns 190,789 shares of the bank’s stock worth $1,645,000 after acquiring an additional 156,910 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Provident Bancorp by 88.9% in the first quarter. Two Sigma Advisers LP now owns 142,400 shares of the bank’s stock worth $1,227,000 after purchasing an additional 67,000 shares during the period. Institutional investors own 39.72% of the company’s stock.
Provident Bancorp (NASDAQ:PVBC) last issued its quarterly earnings results on Friday, July 17th. The bank reported $0.18 EPS for the quarter. Provident Bancorp had a net margin of 17.82% and a return on equity of 7.45%. The business had revenue of $13.74 million for the quarter.
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.
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