Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 0.90MM shares of Provident Bancorp, Inc. (PVBC). This represents 5.1% of the company.

In their previous filing dated February 4, 2022 they reported 1.10MM shares and 6.10% of the company, a decrease in shares of 18.62% and a decrease in total ownership of 1.00% (calculated as current - previous percent ownership).

Analyst Price Forecast Suggests 35.70% Upside

As of January 29, 2023, the average one-year price target for Provident Bancorp is $12.24. The forecasts range from a low of $12.12 to a high of $12.60. The average price target represents an increase of 35.70% from its latest reported closing price of $9.02.

The projected annual revenue for Provident Bancorp is $92MM, an increase of 272.95%. The projected annual EPS is $1.58.

Fund Sentiment

There are 182 funds or institutions reporting positions in Provident Bancorp. This is a decrease of 1 owner(s) or 0.55%.

Average portfolio weight of all funds dedicated to US:PVBC is 0.0776%, a decrease of 2.9712%. Total shares owned by institutions decreased in the last three months by 1.87% to 8,286K shares.

What are large shareholders doing?

T. Rowe Price Investment Management holds 1,674,219 shares representing 9.65% ownership of the company.

PRSVX - T. Rowe Price Small-Cap Value Fund holds 1,184,307 shares representing 6.82% ownership of the company. In it's prior filing, the firm reported owning 1,189,107 shares, representing a decrease of 0.41%. The firm decreased its portfolio allocation in PVBC by 3.60% over the last quarter.

M3F holds 1,011,136 shares representing 5.83% ownership of the company. In it's prior filing, the firm reported owning 804,226 shares, representing an increase of 20.46%. The firm increased its portfolio allocation in PVBC by 23.81% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 432,492 shares representing 2.49% ownership of the company. No change in the last quarter.

Jacobs Asset Management holds 375,000 shares representing 2.16% ownership of the company. In it's prior filing, the firm reported owning 462,165 shares, representing a decrease of 23.24%. The firm decreased its portfolio allocation in PVBC by 19.49% over the last quarter.

Provident Bancorp Declares $0.04 Dividend

Provident Bancorp said on July 28, 2022 that its board of directors declared a regular quarterly dividend of $0.04 per share ($0.16 annualized). Shareholders of record as of August 11, 2022 received the payment on August 26, 2022. Previously, the company paid $0.04 per share.

At the current share price of $9.02 / share, the stock's dividend yield is 1.77%. Looking back five years and taking a sample every week, the average dividend yield has been 1.16%, the lowest has been 0.78%, and the highest has been 2.57%. The standard deviation of yields is 0.34 (n=130).

The current dividend yield is 1.79 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is -0.13. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

Provident Bancorp Background Information
(This description is provided by the company.)

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, which also operates under the name BankProv. The Provident Bank is an innovative, commercial bank that finds solutions for its business and private clients. The bank is committed to strengthening the economic development of the regions it serves, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).