Avidia Bancorp (NYSE:AVBC) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Avidia Bancorp (NYSE:AVBC) posted its quarterly earnings data on Friday. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.09, Zacks reports. The firm had revenue of $31.16 million for the quarter, compared to the consensus estimate of $30.08 million. Avidia Bancorp had a return on equity of 7.06% and a net margin of 17.49%.

Avidia Bancorp Stock Performance

Shares of Avidia Bancorp stock opened at $22.64 on Friday. The business has a 50-day simple moving average of $22.01 and a 200-day simple moving average of $20.95. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05. Avidia Bancorp has a one year low of $14.57 and a one year high of $22.90. The company has a market cap of $452.22 million, a PE ratio of 15.40 and a beta of -0.44.

Avidia Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Tuesday, November 17th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. Avidia Bancorp’s payout ratio is currently 16.33%.

Analysts Set New Price Targets

AVBC has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Seaport Research Partners reissued a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a research report on Friday, July 24th. Hovde Group initiated coverage on shares of Avidia Bancorp in a research note on Monday, October 5th. They issued an “outperform” rating and a $26.00 price objective for the company. Finally, Zacks Research lowered shares of Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.00.

Insider Transactions at Avidia Bancorp

In other news, CFO Jonathan Nelson bought 4,500 shares of Avidia Bancorp stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average price of $22.19 per share, with a total value of $99,855.00. Following the completion of the acquisition, the chief financial officer directly owned 19,045 shares in the company, valued at $422,608.55. The trade was a 30.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Grimaldo purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was purchased at an average price of $22.02 per share, with a total value of $110,100.00. Following the purchase, the director directly owned 49,655 shares of the company’s stock, valued at $1,093,403.10. The trade was a 11.20% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 16,226 shares of company stock valued at $359,062 over the last quarter. Insiders own 3.40% of the company’s stock.

About Avidia Bancorp

Avidia Bancorp, Inc is the holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. The company serves consumers, businesses and nonprofit organizations primarily across central Massachusetts and the MetroWest region.

Avidia Bank provides a range of banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending. Its business banking offerings include commercial real estate loans, business lines of credit, cash management and deposit services.