Avidia Bancorp (NYSE:AVBC) Issues Quarterly Earnings Results

Avidia Bancorp (NYSE:AVBC) released its quarterly earnings results on Thursday. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09, Zacks reports. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.

Avidia Bancorp Price Performance

NYSE AVBC traded up $0.11 during trading on Thursday, hitting $22.31. 112,808 shares of the company’s stock were exchanged, compared to its average volume of 105,536. The company has a market cap of $445.45 million, a PE ratio of 23.48 and a beta of -0.44. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average price is $22.00 and its two-hundred day moving average price is $20.92. Avidia Bancorp has a fifty-two week low of $14.53 and a fifty-two week high of $22.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. Zacks Research cut shares of Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Hovde Group started coverage on Avidia Bancorp in a research report on Monday, October 5th. They issued an “outperform” rating and a $26.00 price objective for the company. Finally, Seaport Research Partners restated a “buy” rating and set a $25.00 target price on shares of Avidia Bancorp in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.00.

Insider Activity

In related news, CFO Jonathan Nelson purchased 4,500 shares of the stock in a transaction dated Thursday, September 3rd. The stock was bought at an average cost of $22.19 per share, for a total transaction of $99,855.00. Following the completion of the acquisition, the chief financial officer owned 19,045 shares of the company’s stock, valued at approximately $422,608.55. This represents a 30.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas Doane bought 1,726 shares of the stock in a transaction on Monday, August 17th. The stock was purchased at an average cost of $22.31 per share, with a total value of $38,507.06. Following the acquisition, the executive vice president owned 19,422 shares in the company, valued at approximately $433,304.82. This represents a 9.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 16,226 shares of company stock valued at $359,062. 3.40% of the stock is currently owned by insiders.

Avidia Bancorp Company Profile

Avidia Bancorp, Inc is the bank holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. Through Avidia Bank, the company provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Avidia Bank’s products and services include checking and savings accounts, certificates of deposit, residential and consumer loans, mortgages, home equity financing, commercial real estate lending and business loans.