Stephens Boosts Provident Bancorp (NASDAQ:PVBC) Price Target to $12.00

Provident Bancorp (NASDAQ:PVBC) had its price objective lifted by investment analysts at Stephens from $11.00 to $12.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Stephens’ price objective would indicate a potential upside of 9.34% from the stock’s previous close.

Provident Bancorp Stock Performance

PVBC opened at $10.98 on Wednesday. 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 has a 12-month low of $7.36 and a 12-month high of $12.32. The business has a 50 day moving average of $10.68 and a 200-day moving average of $10.38. The stock has a market cap of $194.59 million, a price-to-earnings ratio of 34.30 and a beta of 0.46.

Hedge Funds Weigh In On Provident Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PVBC. Renaissance Technologies LLC raised its position in shares of Provident Bancorp by 2.9% in the second quarter. Renaissance Technologies LLC now owns 92,380 shares of the bank’s stock valued at $941,000 after purchasing an additional 2,600 shares during the period. Squarepoint Ops LLC raised its holdings in Provident Bancorp by 14.7% in the 2nd quarter. Squarepoint Ops LLC now owns 21,278 shares of the bank’s stock valued at $217,000 after acquiring an additional 2,728 shares during the period. MetLife Investment Management LLC raised its holdings in Provident Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock valued at $99,000 after acquiring an additional 5,177 shares during the period. Geode Capital Management LLC lifted its position in Provident Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 371,738 shares of the bank’s stock worth $4,012,000 after acquiring an additional 6,078 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Provident Bancorp by 3.9% during the third quarter. State Street Corp now owns 180,816 shares of the bank’s stock worth $1,951,000 after acquiring an additional 6,864 shares during the period. 74.61% of the stock is owned by 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.