Avidia Bancorp (NYSE:AVBC) Director Joseph Grimaldo Purchases 5,000 Shares

Avidia Bancorp, Inc. (NYSE:AVBC) Director Joseph Grimaldo purchased 5,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were bought at an average cost of $22.02 per share, with a total value of $110,100.00. Following the transaction, the director directly owned 49,655 shares of the company’s stock, valued at $1,093,403.10. This represents a 11.20% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Avidia Bancorp Trading Up 0.2%

Shares of NYSE:AVBC traded up $0.06 on Thursday, hitting $22.07. The company had a trading volume of 51,441 shares, compared to its average volume of 95,374. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $440.84 million and a P/E ratio of 23.20. Avidia Bancorp, Inc. has a 52-week low of $14.31 and a 52-week high of $22.90. The business has a 50 day moving average of $21.18.

Avidia Bancorp (NYSE:AVBC) last announced its earnings results on Monday, July 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.05. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. The firm had revenue of $29.87 million during the quarter, compared to the consensus estimate of $28.79 million. As a group, equities analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from Avidia Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, August 18th. Avidia Bancorp’s payout ratio is presently 25.26%.

Hedge Funds Weigh In On Avidia Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ancora Advisors LLC grew its stake in shares of Avidia Bancorp by 36.0% during the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock valued at $2,153,000 after buying an additional 27,160 shares during the period. Renaissance Technologies LLC raised its position in shares of Avidia Bancorp by 254.9% in the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock worth $852,000 after buying an additional 31,100 shares during the period. Bank of America Corp DE raised its position in shares of Avidia Bancorp by 217.5% in the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after buying an additional 18,163 shares during the period. Deprince Race & Zollo Inc. acquired a new position in Avidia Bancorp in the first quarter valued at $399,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Avidia Bancorp in the fourth quarter valued at $227,000.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVBC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidia Bancorp in a research note on Wednesday, July 29th. Zacks Research raised shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $25.00 price target on shares of Avidia Bancorp in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Avidia Bancorp presently has a consensus rating of “Moderate Buy”.

Avidia Bancorp Company Profile

Avidia Bancorp is the bank holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. Through its banking subsidiary, the company offers a range of commercial and retail banking services designed to meet the needs of individuals, families and small- to mid-sized businesses in the communities it serves.

Core products and services include personal and business deposit accounts, consumer and commercial lending, residential mortgage and home equity financing, and cash management and payment solutions for businesses.