Insider Buying: Avidia Bancorp (NYSE:AVBC) CFO Acquires $99,855.00 in Stock

Avidia Bancorp, Inc. (NYSE:AVBC) CFO Jonathan Michael Nelson acquired 4,500 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was acquired at an average price of $22.19 per share, with a total value of $99,855.00. Following the acquisition, the chief financial officer owned 19,045 shares in the company, valued at $422,608.55. The trade was a 30.94% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Avidia Bancorp Price Performance

AVBC traded down $0.03 during trading on Thursday, reaching $22.13. The company’s stock had a trading volume of 239,063 shares, compared to its average volume of 98,677. The company has a market cap of $441.94 million and a price-to-earnings ratio of 23.29. The firm has a fifty day simple moving average of $21.42 and a two-hundred day simple moving average of $20.22. Avidia Bancorp, Inc. has a 1 year low of $14.31 and a 1 year high of $22.90. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.48.

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

Avidia Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Tuesday, August 18th. This is an increase from Avidia Bancorp’s previous quarterly dividend of $0.05. Avidia Bancorp’s dividend payout ratio (DPR) is currently 25.26%.

Analysts Set New Price Targets

Several research firms have recently commented on AVBC. Seaport Research Partners reiterated a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a report on Friday, July 24th. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. Finally, Zacks Research raised shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research note 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AVBC. California State Teachers Retirement System acquired a new stake in Avidia Bancorp during the second quarter worth $111,000. Ancora Advisors LLC lifted its stake in shares of Avidia Bancorp by 36.0% in the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock valued at $2,153,000 after purchasing an additional 27,160 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Avidia Bancorp by 217.5% during the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after purchasing an additional 18,163 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Avidia Bancorp by 254.9% during the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock worth $852,000 after purchasing an additional 31,100 shares during the period. Finally, Deprince Race & Zollo Inc. acquired a new stake in shares of Avidia Bancorp during the 1st quarter worth about $399,000.

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.