Provident Bancorp, Inc. /MD/ (NASDAQ:PVBC) director Dennis Pollack made a significant investment in the company's stock, purchasing shares with a total value of $99,186. The transactions, which took place on June 4, 2024, were reported in a recent filing with the Securities and Exchange Commission.
Pollack acquired a total of 10,000 shares of Provident Bancorp's common stock through a series of transactions, with prices ranging from $9.74 to $9.99 per share. These purchases were made indirectly through an Individual Retirement Account (IRA) for which Pollack has investment control.
The first transaction included the purchase of 5,000 shares at $9.92 each. This was followed by an acquisition of 3,457 shares at $9.99 per share. Pollack continued to increase his holdings with the purchase of 1,434 shares priced at $9.74 each, and concluded with the acquisition of 109 shares at $9.945 each.
Following these transactions, Dennis Pollack's directly held stake in Provident Bancorp reached 10,000 shares. Additionally, the director holds 14,486 shares of common stock indirectly, bringing his total interest in the company to 24,486 shares.
Investors often monitor insider buying as it can be a sign of confidence in the company's future prospects. The recent purchases by Pollack may therefore be seen as a positive indicator by current and potential shareholders.
Provident Bancorp, headquartered in Amesbury, Massachusetts, operates as a savings institution not federally chartered and is part of the Finance sector. The company's business address and the reporting owner's mailing address are both located at 5 Market Street, Amesbury, MA 01913.
In other recent news, BankProv has appointed Kenneth Fisher as its new Executive Vice President and Chief Financial Officer. Fisher, a Certified Public Accountant, brings to the table over two decades of experience in finance, accounting, and executive leadership. His role will encompass managing the finance, treasury, and investor relations functions, and he will be instrumental in supporting the company's strategic initiatives.
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. CEO of BankProv, Joe Reilly, welcomed Fisher, noting his extensive experience and proven track record in the financial sector. Fisher expressed his eagerness to contribute to BankProv's innovation-driven approach and growth. These are the latest developments in the company's ongoing efforts to empower local businesses and deliver innovative banking services.
InvestingPro Insights
Provident Bancorp, Inc. (NASDAQ:PVBC) has recently been in the spotlight due to insider trading activity, with director Dennis Pollack increasing his stake in the company. This aligns with the positive sentiment suggested by some of the InvestingPro Tips, which highlight that analysts predict the company will be profitable this year and that it has been profitable over the last twelve months. These insights could be indicative of strong future performance, potentially validating Pollack's investment decision.
The current market data further supports this view. With a market capitalization of $166.43 million and a Price/Earnings (P/E) ratio of 12, which is relatively stable when compared to the last twelve months as of Q1 2024 (P/E of 12.03), Provident Bancorp presents a potentially attractive valuation. Moreover, the company has experienced a significant revenue growth of 221.85% over the last twelve months as of Q1 2024, which could be a sign of robust business expansion.
However, not all signals are positive. Provident Bancorp does not pay dividends to shareholders, which might be a consideration for income-focused investors. Additionally, the company's gross profit margins have been identified as a weak point, according to InvestingPro Tips. This could be a concern for those looking at the company's fundamental strength and long-term sustainability.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available that delve deeper into Provident Bancorp's financial health and market position. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to these valuable insights.
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