Stilwell entities sell over $720k in Provident Bancorp stock

In a recent transaction, entities associated with Joseph Stilwell, a significant shareholder in Provident Bancorp, Inc. (NASDAQ:PVBC), have sold a substantial number of shares in the company. The sales, which occurred on June 4, 2024, resulted in a total disposal of $721,499 worth of stock at a price of $9.62 per share.

The entities involved in the sale include Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., and Stilwell Partners, L.P., all of which are associated with Joseph Stilwell. The sales were indirect, with Stilwell Value LLC, where Joseph Stilwell serves as the managing member and owner, acting as the general partner for the selling entities. Post-transaction, Stilwell Activist Fund, L.P. holds 271,014 shares, and Stilwell Activist Investments, L.P. holds 1,435,453 shares of Provident Bancorp's common stock.

The footnotes in the document clarify that Joseph Stilwell disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest. This means that while he may have an indirect financial interest in the shares sold, he does not claim direct ownership over them.

Provident Bancorp, Inc. is a Maryland-based financial institution that operates primarily in the savings institutions sector, not federally chartered. The company is known for providing a range of banking services to its customers.

This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides insights into the trading activities of the company's insiders. The reporting persons have jointly filed this statement as members of a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

Investors and market observers often monitor insider sales and purchases as they may provide valuable signals about the company's financial health and future prospects. The sale of Provident Bancorp shares by entities associated with Joseph Stilwell represents a notable adjustment in their investment position in the company.

In other recent news, BankProv, the banking arm of Provident Bancorp, Inc., has appointed Kenneth Fisher as its new Executive Vice President and Chief Financial Officer. Fisher, a seasoned professional with over two decades of experience in finance, accounting, and executive leadership, will take on the finance, treasury, and investor relations responsibilities for both the parent company and BankProv.

Prior to joining BankProv, Fisher served as CFO for Bluejay Diagnostics, Inc., and held executive positions at Meridian Bancorp, Inc. and its subsidiary, East Boston Savings Bank. His academic background includes the University of Massachusetts at Amherst's Isenberg School of Management and the New England School for Financial Studies.

Fisher's appointment comes amid BankProv's ongoing efforts to empower local businesses and deliver innovative banking services. BankProv CEO, Joe Reilly, expressed confidence in Fisher's abilities, citing his extensive experience and proven track record in the financial sector. These are the recent developments from BankProv.

InvestingPro Insights

Amidst the recent insider trading activity at Provident Bancorp, Inc. (NASDAQ:PVBC), where significant shareholder Joseph Stilwell's associated entities sold a considerable amount of shares, investors may be seeking a broader perspective on the company's financial health and future outlook. Here are some key metrics and insights from InvestingPro that could provide a deeper understanding of Provident Bancorp's current market position.

InvestingPro data reveals that Provident Bancorp has a market capitalization of $169.76 million, with a price-to-earnings (P/E) ratio of 12.32, which slightly adjusts to 12.27 when looking at the last twelve months as of Q1 2024. This valuation can be considered by investors who are evaluating the company's earnings relative to its share price. Additionally, the PEG ratio for the same period stands at an intriguingly low 0.08, potentially signaling that the stock's price may not fully reflect its earnings growth projections.

One of the InvestingPro Tips highlights that the company's stock is currently in overbought territory according to the Relative Strength Index (RSI), which is a technical indicator used by traders to gauge momentum and potentially forecast upcoming price movements. Moreover, while the stock has seen a significant return over the last week with a 10.52% increase, Provident Bancorp does not pay dividends to shareholders, which may influence the investment strategy for income-focused investors.

For those looking to delve deeper into Provident Bancorp's financials and gain access to more InvestingPro Tips, such as insights into the company's gross profit margins and net income projections, consider subscribing to InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 6 additional InvestingPro Tips available for Provident Bancorp that can help investors make more informed decisions.

As Provident Bancorp navigates the financial sector landscape, these metrics and tips may serve as valuable resources for stakeholders and potential investors to assess the company's position and make strategic investment choices.

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