Two Sigma Investments LP Purchases 13,445 Shares of Provident Bancorp Inc (NASDAQ:PVBC)

Two Sigma Investments LP boosted its position in Provident Bancorp Inc (NASDAQ:PVBC) by 115.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 25,122 shares of the bank’s stock after purchasing an additional 13,445 shares during the period. Two Sigma Investments LP’s holdings in Provident Bancorp were worth $286,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in Provident Bancorp in the 4th quarter worth about $62,000. Wells Fargo & Company MN grew its position in shares of Provident Bancorp by 23.8% during the 4th quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock valued at $108,000 after acquiring an additional 1,824 shares during the period. Deutsche Bank AG bought a new position in shares of Provident Bancorp during the 4th quarter valued at approximately $156,000. Corient Private Wealth LLC bought a new position in shares of Provident Bancorp during the 4th quarter valued at approximately $162,000. Finally, Bank of America Corp DE grew its position in shares of Provident Bancorp by 16.8% during the 4th quarter. Bank of America Corp DE now owns 22,126 shares of the bank’s stock valued at $252,000 after acquiring an additional 3,180 shares during the period. 74.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Stephens reduced their target price on shares of Provident Bancorp from $13.00 to $12.50 and set an “equal weight” rating for the company in a research report on Thursday, May 8th.

Provident Bancorp Stock Up 0.3%

Provident Bancorp stock opened at $11.89 on Thursday. Provident Bancorp Inc has a twelve month low of $9.48 and a twelve month high of $12.96. The firm has a 50 day moving average price of $11.18 and a 200-day moving average price of $11.48. The company has a market capitalization of $211.51 million, a P/E ratio of 27.65 and a beta of 0.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04.

Provident Bancorp (NASDAQ:PVBC) last released its earnings results on Friday, April 25th. The bank reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.09). Provident Bancorp had a net margin of 7.62% and a return on equity of 3.22%. The company had revenue of $14.26 million for the quarter, compared to the consensus estimate of $14.90 million. As a group, equities analysts predict that Provident Bancorp Inc will post 0.43 EPS for the current year.

Provident Bancorp 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.