Provident Bancorp, Inc. (PVBC) Upgraded to “Buy” at ValuEngine
Provident Bancorp, Inc. (NASDAQ:PVBC) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
Separately, TheStreet raised Provident Bancorp from a “c” rating to a “b-” rating in a report on Monday, July 17th.
Shares of Provident Bancorp (NASDAQ:PVBC) remained flat at $22.70 during mid-day trading on Friday. The company had a trading volume of 4,261 shares. The stock has a market capitalization of $208.41 million, a price-to-earnings ratio of 30.27 and a beta of 0.25. The stock has a 50 day moving average price of $21.07 and a 200-day moving average price of $21.06. Provident Bancorp has a 52-week low of $14.96 and a 52-week high of $24.65.
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A number of hedge funds have recently modified their holdings of the stock. State Street Corp raised its holdings in Provident Bancorp by 11.7% during the second quarter. State Street Corp now owns 68,305 shares of the bank’s stock worth $1,537,000 after purchasing an additional 7,147 shares during the last quarter. Vanguard Group Inc. raised its holdings in Provident Bancorp by 21.3% during the second quarter. Vanguard Group Inc. now owns 135,418 shares of the bank’s stock worth $3,047,000 after purchasing an additional 23,821 shares during the last quarter. Northern Trust Corp raised its holdings in Provident Bancorp by 27.2% during the second quarter. Northern Trust Corp now owns 53,185 shares of the bank’s stock worth $1,196,000 after purchasing an additional 11,358 shares during the last quarter. Teachers Advisors LLC raised its holdings in Provident Bancorp by 67.6% during the second quarter. Teachers Advisors LLC now owns 7,858 shares of the bank’s stock worth $177,000 after purchasing an additional 3,169 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Provident Bancorp by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 16,770 shares of the bank’s stock worth $378,000 after purchasing an additional 775 shares during the last quarter. 17.75% of the stock is owned by hedge funds and other institutional investors.
Provident Bancorp Company Profile
Provident Bancorp, Inc is the holding company of The Provident Bank. The Provident Bank is a community bank that serves the banking needs of its customers. The Provident Bank operates from its main office and over two branch offices in the Northeastern Massachusetts area and over four branch offices in Southeastern New Hampshire, and one branch is located in Bedford, New Hampshire.
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