Insider Buying: Avidia Bancorp (NYSE:AVBC) Director Buys $110,100.00 in Stock

Avidia Bancorp, Inc. (NYSE:AVBC) Director Joseph Grimaldo purchased 5,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were purchased at an average cost of $22.02 per share, for a total transaction of $110,100.00. Following the acquisition, the director directly owned 49,655 shares of the company’s stock, valued at approximately $1,093,403.10. This represents a 11.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidia Bancorp Stock Performance

AVBC stock opened at $22.14 on Friday. Avidia Bancorp, Inc. has a one year low of $14.31 and a one year high of $22.90. The stock has a fifty day moving average of $21.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $442.14 million and a P/E ratio of 23.31.

Avidia Bancorp (NYSE:AVBC) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.39 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 company had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. On average, research analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

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

Hedge Funds Weigh In On Avidia Bancorp

Large investors have recently made changes to their positions in the business. California State Teachers Retirement System acquired a new stake in shares of Avidia Bancorp during the second quarter worth $111,000. Renaissance Technologies LLC acquired a new position in shares of Avidia Bancorp in the 4th quarter valued at $205,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Avidia Bancorp in the 4th quarter valued at $208,000. Occudo Quantitative Strategies LP purchased a new position in Avidia Bancorp in the 4th quarter worth $227,000. Finally, Jane Street Group LLC acquired a new stake in Avidia Bancorp during the 4th quarter worth about $260,000.

Analyst Ratings Changes

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

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.