Avidia Bancorp (NYSE:AVBC) EVP Thomas Doane Acquires 1,726 Shares

Avidia Bancorp, Inc. (NYSE:AVBC) EVP Thomas Doane purchased 1,726 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were purchased at an average price of $22.31 per share, for a total transaction of $38,507.06. Following the acquisition, the executive vice president owned 19,422 shares of the company’s stock, valued at approximately $433,304.82. The trade was a 9.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Avidia Bancorp Stock Performance

Shares of AVBC traded up $0.21 on Wednesday, hitting $22.32. 26,990 shares of the stock traded hands, compared to its average volume of 94,031. Avidia Bancorp, Inc. has a one year low of $14.31 and a one year high of $22.90. The stock has a market cap of $448.09 million and a P/E ratio of 23.49. The firm has a 50 day simple moving average of $20.95. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.05 and a quick ratio of 1.05.

Avidia Bancorp (NYSE:AVBC) last released its quarterly earnings data on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $28.79 million. On average, equities analysts expect that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current year.

Avidia Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be paid a $0.06 dividend. This is an increase from Avidia Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 18th. Avidia Bancorp’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVBC. Zacks Research upgraded Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidia Bancorp in a report on Wednesday, July 29th. Finally, Seaport Research Partners restated a “buy” rating and issued a $25.00 target price on shares of Avidia Bancorp in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Hedge Funds Weigh In On Avidia Bancorp

Several institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in shares of Avidia Bancorp in the fourth quarter worth approximately $205,000. OMERS ADMINISTRATION Corp bought a new stake in Avidia Bancorp during the fourth quarter valued at approximately $208,000. Occudo Quantitative Strategies LP purchased a new stake in Avidia Bancorp during the fourth quarter valued at approximately $227,000. Jane Street Group LLC purchased a new stake in Avidia Bancorp during the fourth quarter valued at approximately $260,000. Finally, Deprince Race & Zollo Inc. bought a new position in Avidia Bancorp in the first quarter worth approximately $399,000.

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.