Stephens starts coverage on Provident Bancorp with 'overweight' rating

Provident Bancorp (Maryland)

29/03/2022 13:24

** Stephens initiates coverage on lender  PVBC.O  with
"overweight" rating 
    ** Sets PT at $20, which implies an upside of ~28% to the
stock's last close
    ** Brokerage says PVBC business is spread across asset
classes including digital assets, enterprise lending and
renewable energy, driving balance sheet expansion
    ** "We view PVBC as a differentiated, tech-embracing
small-cap name with a strong growth outlook trading at a
discounted valuation" - Stephens 
    ** Adds co is one of the few small-cap banks with a
footprint in the burgeoning digital asset space 
    ** Expects fast-growing verticals to drive double-digit loan
growth and sees profitability metrics improving over the next
two years 
    ** As of last close, shares down 16.18% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))