Stephens analyst Matt Breese raised the firm’s price target on Provident Bancorp (PVBC) to $12 from $11 and keeps an Equal Weight rating on the shares. The bank reported Q3 operating EPS of 4c, below the firm’s 7c estimate, driven by a higher-than-anticipated provision, notes the analyst. The firm continues to see new management working through legacy issues and forecasts below average profitability, the analyst added.
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