Avidia Bancorp (NYSE:AVBC) Issues Quarterly Earnings Results

Avidia Bancorp (NYSE:AVBC) issued its quarterly earnings data on Thursday. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05, Zacks reports. Avidia Bancorp had a return on equity of 4.31% and a net margin of 9.47%.

Avidia Bancorp Stock Up 0.4%

Shares of NYSE AVBC opened at $20.30 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.61. Avidia Bancorp has a fifty-two week low of $14.00 and a fifty-two week high of $21.64. The company’s 50 day simple moving average is $19.94. The firm has a market cap of $407.64 million and a price-to-earnings ratio of 36.25.

Avidia Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 18th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. This is a positive change 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 35.71%.

Analyst Ratings Changes

Separately, Weiss Ratings raised Avidia Bancorp from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.

Insider Buying and Selling

In other Avidia Bancorp news, EVP Nicolas Karmelek bought 1,220 shares of Avidia Bancorp stock in a transaction dated Tuesday, April 28th. The stock was bought at an average cost of $20.76 per share, for a total transaction of $25,327.20. Following the purchase, the executive vice president owned 7,705 shares in the company, valued at $159,955.80. This represents a 18.81% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas Doane purchased 2,040 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were bought at an average cost of $21.16 per share, with a total value of $43,166.40. Following the transaction, the executive vice president directly owned 17,495 shares of the company’s stock, valued at approximately $370,194.20. This represents a 13.20% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 17,261 shares of company stock worth $349,794 over the last 90 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of Avidia Bancorp during the 4th quarter valued at approximately $205,000. OMERS ADMINISTRATION Corp acquired a new position in Avidia Bancorp in the fourth quarter worth $208,000. Occudo Quantitative Strategies LP bought a new stake in Avidia Bancorp during the fourth quarter valued at $227,000. Jane Street Group LLC acquired a new position in shares of Avidia Bancorp in the 4th quarter valued at about $260,000. Finally, State Street Corp grew its position in shares of Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company’s stock valued at $927,000 after buying an additional 27,960 shares during the last quarter.

About Avidia Bancorp

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.