Form 4: Stilwell Group Sells Shares in Provident Bancorp, Inc.

Joseph Stilwell and affiliated entities sold shares of Provident Bancorp, Inc. common stock at $9.62 per share, while still maintaining significant ownership.

Summary

• On June 4, 2024, Joseph Stilwell and associated entities, including Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., and Stilwell Partners, L.P., sold shares of Provident Bancorp, Inc. (PVBC) common stock.
• The sales were executed at a price of $9.62 per share.
• Following the transactions, the Stilwell group continues to hold a significant number of shares, both directly and indirectly.
• Joseph Stilwell disclaims beneficial ownership of shares held by the funds, except to the extent of his pecuniary interest.
• The reporting persons are jointly filing this statement as members of a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

Sentiment

Score: 5

Explanation: Neutral sentiment as it reports a transaction without expressing a clear positive or negative outlook.

Positives

• The Stilwell group maintains a significant ownership stake in Provident Bancorp, Inc. after the sale, indicating continued interest in the company.

Negatives

• The sale of shares by a significant shareholder group could be perceived negatively by the market.

Risks

• Further sales of shares by the Stilwell group could put downward pressure on the stock price of Provident Bancorp, Inc.

Industry Context

Form 4 filings are a routine part of the regulatory landscape for publicly traded companies, providing transparency into the transactions of company insiders and major shareholders. Stilwell is known to be an activist investor.

Stakeholder Impact

• The share sale could potentially impact shareholder confidence and the stock price of Provident Bancorp, Inc.

Key Dates