Short Interest in Provident Bancorp Inc (NASDAQ:PVBC) Decreases By 17.9%

Provident Bancorp Inc (NASDAQ:PVBC) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 161,900 shares, a decrease of 17.9% from the October 31st total of 197,100 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 39,400 shares, the short-interest ratio is currently 4.1 days.

Analysts Set New Price Targets

Separately, Stephens boosted their price objective on Provident Bancorp from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 20th.

Provident Bancorp Trading Up 1.7 %

Shares of NASDAQ:PVBC opened at $11.67 on Monday. 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 company’s 50-day moving average price is $10.81 and its two-hundred day moving average price is $10.49. The stock has a market capitalization of $206.91 million, a PE ratio of 36.47 and a beta of 0.46. Provident Bancorp has a one year low of $7.36 and a one year high of $12.32.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PVBC. MetLife Investment Management LLC boosted its holdings in shares of Provident Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 9,188 shares of the bank’s stock worth $99,000 after buying an additional 5,177 shares during the period. Spinnaker Trust bought a new stake in shares of Provident Bancorp during the second quarter worth approximately $110,000. Nvest Financial LLC acquired a new position in shares of Provident Bancorp in the third quarter valued at approximately $166,000. Rhumbline Advisers grew its holdings in Provident Bancorp by 1,670.8% in the 2nd quarter. Rhumbline Advisers now owns 18,328 shares of the bank’s stock valued at $187,000 after buying an additional 17,293 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of Provident Bancorp by 14.7% in the second 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. 74.61% of the stock is owned by institutional investors and hedge funds.

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.