Provident Bancorp Inc (NASDAQ:PVBC) Sees Large Increase in Short Interest

Provident Bancorp Inc (NASDAQ:PVBC) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 287,300 shares, a growth of 142.0% from the June 30th total of 118,700 shares. Based on an average trading volume of 81,400 shares, the short-interest ratio is presently 3.5 days. Approximately 1.8% of the shares of the company are sold short.

Provident Bancorp Stock Performance

NASDAQ:PVBC traded down $0.11 during mid-day trading on Friday, hitting $11.86. 31,415 shares of the company traded hands, compared to its average volume of 152,477. The stock’s fifty day moving average price is $10.25 and its 200-day moving average price is $9.79. Provident Bancorp has a one year low of $7.36 and a one year high of $12.32. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.04. The firm has a market cap of $209.40 million, a price-to-earnings ratio of 14.12 and a beta of 0.46.

Provident Bancorp (NASDAQ:PVBC) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.30 EPS for the quarter. Provident Bancorp had a return on equity of 6.27% and a net margin of 14.09%. The business had revenue of $13.84 million for the quarter. Research analysts anticipate that Provident Bancorp will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Kenneth R. Fisher acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average price of $9.61 per share, with a total value of $48,050.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $48,050. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Dennis Pollack purchased 10,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was acquired at an average price of $9.92 per share, with a total value of $99,200.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $99,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kenneth R. Fisher purchased 5,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were bought at an average cost of $9.61 per share, with a total value of $48,050.00. Following the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $48,050. The disclosure for this purchase can be found here. Insiders bought 16,075 shares of company stock valued at $158,161 over the last 90 days. Company insiders own 3.88% of the company’s stock.

Hedge Funds Weigh In On Provident Bancorp

Large investors have recently made changes to their positions in the business. Citigroup Inc. purchased a new position in shares of Provident Bancorp in the third quarter valued at about $243,000. Empowered Funds LLC lifted its position in shares of Provident Bancorp by 8.0% in the first quarter. Empowered Funds LLC now owns 35,380 shares of the bank’s stock worth $322,000 after buying an additional 2,625 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Provident Bancorp by 135.7% in the second quarter. Bank of New York Mellon Corp now owns 64,524 shares of the bank’s stock worth $657,000 after buying an additional 37,151 shares in the last quarter. Finally, Stilwell Value LLC lifted its position in shares of Provident Bancorp by 0.6% in the fourth quarter. Stilwell Value LLC now owns 1,831,467 shares of the bank’s stock worth $18,443,000 after buying an additional 10,601 shares in the last quarter. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Stephens reissued an “equal weight” rating and set a $11.00 price target on shares of Provident Bancorp in a report on Monday, May 13th.

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.