ValuEngine Downgrades Provident Bancorp (PVBC) to Hold
Provident Bancorp (NASDAQ:PVBC) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday.
Provident Bancorp (NASDAQ:PVBC) opened at $24.80 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.68. The stock has a market cap of $228.66 and a P/E ratio of 27.79. Provident Bancorp has a 1 year low of $16.45 and a 1 year high of $25.80.
Several institutional investors and hedge funds have recently made changes to their positions in PVBC. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 23,821 shares during the last quarter. Castine Capital Management LLC grew its position in shares of Provident Bancorp by 5.8% during the third quarter. Castine Capital Management LLC now owns 230,000 shares of the bank’s stock worth $5,325,000 after acquiring an additional 12,559 shares during the last quarter. Northern Trust Corp grew its position in shares of 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 acquiring an additional 11,358 shares during the last quarter. Schwab Charles Investment Management Inc. purchased a new position in shares of Provident Bancorp during the third quarter worth approximately $202,000. Finally, State Street Corp grew its position in shares of 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 acquiring an additional 7,147 shares during the last quarter. Institutional investors and hedge funds own 18.45% of the company’s stock.
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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