Barclays PLC Sells 2,617 Shares of Provident Bancorp Inc (NASDAQ:PVBC)

Barclays PLC trimmed its holdings in shares of Provident Bancorp Inc (NASDAQ:PVBC) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,575 shares of the bank’s stock after selling 2,617 shares during the period. Barclays PLC’s holdings in Provident Bancorp were worth $269,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Kennedy Capital Management LLC raised its stake in shares of Provident Bancorp by 10.3% during the fourth quarter. Kennedy Capital Management LLC now owns 450,738 shares of the bank’s stock worth $5,138,000 after buying an additional 42,226 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Provident Bancorp by 8.0% during the fourth quarter. Renaissance Technologies LLC now owns 136,772 shares of the bank’s stock worth $1,559,000 after purchasing an additional 10,100 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Provident Bancorp by 23.8% during the fourth quarter. Wells Fargo & Company MN now owns 9,484 shares of the bank’s stock worth $108,000 after purchasing an additional 1,824 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Provident Bancorp by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 373,317 shares of the bank’s stock valued at $4,256,000 after buying an additional 1,579 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Provident Bancorp by 30.2% in the 4th quarter. Alliancebernstein L.P. now owns 502,431 shares of the bank’s stock valued at $5,728,000 after buying an additional 116,616 shares in the last quarter. 74.61% of the stock is owned by institutional investors.

Provident Bancorp Price Performance

PVBC opened at $11.01 on Monday. 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 Inc has a 12 month low of $9.09 and a 12 month high of $12.96. The company has a fifty day simple moving average of $11.27 and a 200 day simple moving average of $11.41. The stock has a market cap of $195.86 million, a P/E ratio of 25.60 and a beta of 0.25.

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

Wall Street Analysts Forecast Growth

Separately, Stephens lowered their price objective 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.

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.