Los Angeles Capital Management LLC Has $414,000 Stock Holdings in Provident Bancorp Inc (NASDAQ:PVBC)

Los Angeles Capital Management LLC cut its position in Provident Bancorp Inc (NASDAQ:PVBC) by 10.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 25,844 shares of the bank’s stock after selling 3,130 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Provident Bancorp were worth $414,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Provident Bancorp by 6.6% in the second quarter. Vanguard Group Inc. now owns 775,612 shares of the bank’s stock worth $12,650,000 after purchasing an additional 48,196 shares during the period. Geode Capital Management LLC raised its holdings in Provident Bancorp by 12.7% in the second quarter. Geode Capital Management LLC now owns 271,806 shares of the bank’s stock worth $4,433,000 after purchasing an additional 30,730 shares during the period. Bridgeway Capital Management LLC raised its holdings in Provident Bancorp by 65.2% in the second quarter. Bridgeway Capital Management LLC now owns 232,800 shares of the bank’s stock worth $3,797,000 after purchasing an additional 91,900 shares during the period. State Street Corp raised its holdings in Provident Bancorp by 2.3% in the second quarter. State Street Corp now owns 225,594 shares of the bank’s stock worth $3,679,000 after purchasing an additional 4,981 shares during the period. Finally, Essex Investment Management Co. LLC acquired a new stake in Provident Bancorp in the second quarter worth $1,619,000. Institutional investors own 42.11% of the company’s stock.

Separately, Zacks Investment Research downgraded shares of Provident Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, January 4th.

Shares of PVBC stock opened at $18.87 on Friday. The firm has a fifty day moving average of $18.61 and a 200-day moving average of $17.13. Provident Bancorp Inc has a 12-month low of $10.82 and a 12-month high of $20.14. The company has a market capitalization of $338.24 million, a price-to-earnings ratio of 19.66 and a beta of 1.12.

Provident Bancorp (NASDAQ:PVBC) last issued its quarterly earnings data on Wednesday, October 27th. The bank reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.07. The company had revenue of $17.33 million for the quarter, compared to the consensus estimate of $16.29 million. As a group, sell-side analysts predict that Provident Bancorp Inc will post 0.97 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 29th. Stockholders of record on Monday, November 15th were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, November 12th. Provident Bancorp’s dividend payout ratio is 16.67%.

Provident Bancorp Company Profile

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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Institutional Ownership by Quarter for Provident Bancorp (NASDAQ:PVBC)

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