Provident Bancorp (PVBC) Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Provident Bancorp (NASDAQ:PVBC) from a buy rating to a hold rating in a research note published on Friday.

Shares of Provident Bancorp (NASDAQ:PVBC) traded down $0.15 during trading hours on Friday, reaching $24.65. 1,600 shares of the company’s stock traded hands, compared to its average volume of 6,264. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.06 and a quick ratio of 1.06. Provident Bancorp has a one year low of $16.45 and a one year high of $25.80. The firm has a market capitalization of $238.77, a P/E ratio of 28.84 and a beta of 0.27.

A number of large investors have recently modified their holdings of PVBC. Vanguard Group Inc. grew its position in Provident Bancorp by 21.3% in the second quarter. Vanguard Group Inc. now owns 135,418 shares of the bank’s stock valued at $3,047,000 after acquiring an additional 23,821 shares in the last quarter. Castine Capital Management LLC grew its position in Provident Bancorp by 5.8% in the third quarter. Castine Capital Management LLC now owns 230,000 shares of the bank’s stock valued at $5,325,000 after acquiring an additional 12,559 shares in the last quarter. Northern Trust Corp grew its position in Provident Bancorp by 27.2% in the second quarter. Northern Trust Corp now owns 53,185 shares of the bank’s stock valued at $1,196,000 after acquiring an additional 11,358 shares in the last quarter. Schwab Charles Investment Management Inc. acquired a new stake in Provident Bancorp in the third quarter valued at approximately $202,000. Finally, State Street Corp grew its position in Provident Bancorp by 11.7% in the second quarter. State Street Corp now owns 68,305 shares of the bank’s stock valued at $1,537,000 after acquiring an additional 7,147 shares in the last quarter. 18.45% of the stock is owned by institutional investors.

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About Provident Bancorp

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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