Short Interest in Provident Bancorp, Inc. (NASDAQ:PVBC) Expands By 61.3%
Provident Bancorp, Inc. (NASDAQ:PVBC) experienced a significant increase in short interest, rising by 61.3% in October, totaling 453,600 shares. This represents approximately 2.9% of the company's stock sold short, with a days-to-cover ratio of 10.9 days based on an average trading volume of 41,600 shares. The company reported earnings of $0.16 per share for the quarter, exceeding estimates, and has a market capitalization of $226.70 million. Institutional investors hold 74.61% of the stock, with a consensus rating of "Hold" and a target price of $12.50.
Provident Bancorp, Inc. (NASDAQ:PVBC - Get Free Report) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 453,600 shares, a growth of 61.3% from the September 30th total of 281,300 shares. Currently, 2.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 41,600 shares, the days-to-cover ratio is currently 10.9 days. Based on an average daily trading volume, of 41,600 shares, the days-to-cover ratio is currently 10.9 days. Currently, 2.9% of the shares of the stock are short sold.
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Provident Bancorp Trading Up 0.4%
Shares of PVBC stock opened at $12.75 on Friday. The firm has a 50-day moving average price of $12.68 and a 200 day moving average price of $12.17. Provident Bancorp has a twelve month low of $10.27 and a twelve month high of $13.02. The company has a market capitalization of $226.70 million, a price-to-earnings ratio of 17.00 and a beta of 0.33. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.04.
Provident Bancorp (NASDAQ:PVBC - Get Free Report) last announced its earnings results on Thursday, October 23rd. The bank reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Provident Bancorp had a net margin of 13.52% and a return on equity of 5.36%. The firm had revenue of $14.74 million during the quarter, compared to the consensus estimate of $15.20 million. Research analysts forecast that Provident Bancorp will post 0.43 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in PVBC. Traub Capital Management LLC acquired a new position in Provident Bancorp in the 2nd quarter valued at about $62,000. Tower Research Capital LLC TRC raised its stake in Provident Bancorp by 400.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,143 shares of the bank's stock valued at $64,000 after purchasing an additional 4,116 shares during the last quarter. Strs Ohio acquired a new position in Provident Bancorp in the 1st quarter valued at about $80,000. Jane Street Group LLC purchased a new stake in Provident Bancorp in the 2nd quarter valued at about $144,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in Provident Bancorp in the 2nd quarter valued at about $156,000. Institutional investors and hedge funds own 74.61% of the company's stock.
Wall Street Analyst Weigh In
PVBC has been the subject of several research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Provident Bancorp in a research note on Wednesday, October 8th. Wall Street Zen raised Provident Bancorp to a "hold" rating in a research note on Saturday, September 20th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $12.50.
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Provident Bancorp Company Profile
(Get Free Report)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.
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