Provident Bancorp (NASDAQ:PVBC) Downgraded by TheStreet to C+

TheStreet downgraded shares of Provident Bancorp (NASDAQ:PVBCGet Rating) from a b- rating to a c+ rating in a research report report published on Monday, TheStreetRatingsTable reports.

Separately, Stephens cut shares of Provident Bancorp from an overweight rating to an equal weight rating in a research note on Wednesday, November 16th.

Provident Bancorp Price Performance

Shares of Provident Bancorp stock opened at $7.17 on Monday. The company’s fifty day simple moving average is $12.53 and its 200-day simple moving average is $14.29. The stock has a market capitalization of $127.05 million, a PE ratio of 6.18 and a beta of 0.78. Provident Bancorp has a 1-year low of $6.82 and a 1-year high of $19.43.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Los Angeles Capital Management LLC lifted its stake in shares of Provident Bancorp by 3.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 38,219 shares of the bank’s stock valued at $547,000 after buying an additional 1,180 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Provident Bancorp by 7.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 19,497 shares of the bank’s stock valued at $306,000 after buying an additional 1,415 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Provident Bancorp during the 1st quarter valued at $30,000. Tower Research Capital LLC TRC lifted its stake in shares of Provident Bancorp by 332.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,415 shares of the bank’s stock valued at $49,000 after buying an additional 2,626 shares in the last quarter. Finally, State Street Corp lifted its stake in Provident Bancorp by 1.1% in the 3rd quarter. State Street Corp now owns 253,929 shares of the bank’s stock worth $3,634,000 after purchasing an additional 2,714 shares in the last quarter. Hedge funds and other institutional investors own 43.36% of the company’s stock.

About Provident Bancorp

(Get Rating)

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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