Avidia Bancorp (NYSE:AVBC) Research Coverage Started at Hovde Group

Hovde Group assumed coverage on shares of Avidia Bancorp (NYSE:AVBC) in a research note issued to investors on Monday morning, MarketBeat.com reports. The firm issued an outperform rating and a $26.00 price objective on the stock.

Other equities analysts have also issued research reports about 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 downgraded Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. 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 equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $26.00.

Avidia Bancorp Trading Down 1.0%

NYSE AVBC opened at $21.98 on Monday. Avidia Bancorp has a one year low of $14.31 and a one year high of $22.90. The company’s 50 day moving average price is $21.94 and its 200 day moving average price is $20.73. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $438.90 million, a price-to-earnings ratio of 23.13 and a beta of -0.44.

Avidia Bancorp (NYSE:AVBC) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. The firm had revenue of $29.87 million for the quarter, compared to analysts’ expectations of $28.79 million. On average, sell-side analysts predict that Avidia Bancorp will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

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

Insider Activity

In other news, EVP Thomas Doane bought 1,726 shares of Avidia Bancorp stock in a transaction dated Monday, August 17th. The shares were acquired at an average cost of $22.31 per share, with a total value of $38,507.06. Following the completion of the transaction, the executive vice president owned 19,422 shares in the company, valued at approximately $433,304.82. This trade represents a 9.75% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Grimaldo bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was purchased at an average price of $22.02 per share, with a total value of $110,100.00. Following the completion of the purchase, the director directly owned 49,655 shares of the company’s stock, valued at approximately $1,093,403.10. This trade represents a 11.20% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 16,226 shares of company stock worth $359,062. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Avidia Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in shares of Avidia Bancorp by 254.9% in the first quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock worth $852,000 after acquiring an additional 31,100 shares in the last quarter. Ancora Advisors LLC grew its stake in Avidia Bancorp by 36.0% during 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 in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in Avidia Bancorp during the 1st quarter worth approximately $399,000. Bank of America Corp DE increased its holdings in 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 last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Avidia Bancorp in the 2nd quarter valued at approximately $372,000.

About Avidia Bancorp

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.