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News to Watch: Provident Bancorp (NASDAQ:PVBC)

Provident Bancorp (NASDAQ:PVBC) stock declared change of 6.19% away from 52-week low price and recently located move of -41.49% off 52-week high price. It has market worth of $155.57M. PVBC stock has been recorded -17.44% away from 50 day moving average and -30.08% away from 200 day moving average. Moving closer, we can see that shares have been trading -4.45% off 20-day moving average.

On April 17, 2020, Provident Bancorp (NASDAQ:PVBC) the holding company for The Provident Bank (the Bank), reported that the Company has initiated the payment of quarterly cash dividends.  The initial dividend of $0.03 per share will be paid on May 14, 2020 to stockholders of record as of April 30, 2020.  This is the Company’s first dividend since completing its mutual-to-stock conversion and related stock offering in October 2019.

The Company also announced that its 2020 annual meeting of stockholders will be held on June 11, 2020, at 3:30 p.m., local time.  The annual meeting will be held virtually through an online platform; stockholders will not be able to attend the annual meeting in person.  The Company is monitoring the public health impact of the coronavirus (COVID-19). If public health developments warrant, the Company may change the date of the annual meeting.

David Mansfield, Chief Executive Officer of the Company, stated This dividend reflects our commitment to delivering stockholder value following the completion of our second-step conversion, and our continued belief in our company.

In connection with the declaration of the dividend, the Company also announced that it has determined not to initiate a stock repurchase program at this time.  Mr. Mansfield noted While the initiation of a quarterly dividend reflects our continued efforts to actively manage our capital, we believe it is important to maintain ample protection during a period of financial difficulty and great uncertainty.

The Financial sector company, Provident Bancorp noticed change of 3.26% to $8.24 along volume of 68952 shares in recent session compared to an average volume of 97.43K. The stock observed return of -10.34% in 5 days trading activity. The stock was at 0.86% over one month performance. PVBC’s shares are at -33.92% for the quarter and driving a -26.18% return over the course of the past year and is now at -33.82% since this point in 2018.

The average volatility for the week at 5.52% and for month was at 5.61%. There are 18.88M shares outstanding and 12.40M shares are floated in market. Right now the stock beta is 1.04.

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