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 note issued to investors on Monday, TheStreetRatingsTable reports.

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

Provident Bancorp Price Performance

PVBC stock opened at $7.17 on Monday. Provident Bancorp has a 1 year low of $6.82 and a 1 year high of $19.43. The firm has a market capitalization of $127.05 million, a P/E ratio of 6.18 and a beta of 0.78. The business’s 50-day moving average is $12.53 and its two-hundred day moving average is $14.29.

Hedge Funds Weigh In On Provident Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC grew its position in shares of Provident Bancorp by 3.2% in the third quarter. Los Angeles Capital Management LLC now owns 38,219 shares of the bank’s stock valued at $547,000 after purchasing an additional 1,180 shares during the period. Goldman Sachs Group Inc. grew its position in Provident Bancorp by 7.8% during the second quarter. Goldman Sachs Group Inc. now owns 19,497 shares of the bank’s stock valued at $306,000 after acquiring an additional 1,415 shares during the period. Amalgamated Bank purchased a new stake in Provident Bancorp during the first quarter valued at about $30,000. Tower Research Capital LLC TRC boosted its position in shares of Provident Bancorp by 332.8% in the third quarter. Tower Research Capital LLC TRC now owns 3,415 shares of the bank’s stock worth $49,000 after buying an additional 2,626 shares during the period. Finally, State Street Corp boosted its position in shares of Provident Bancorp by 1.1% in the third quarter. State Street Corp now owns 253,929 shares of the bank’s stock worth $3,634,000 after buying an additional 2,714 shares during the period. 43.36% of the stock is owned by institutional investors and hedge funds.

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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