Key Points
- EVP Thomas Doane purchased 1,726 Avidia Bancorp shares at an average price of $22.31, investing $38,507.06 and increasing his direct ownership by 9.75% to 19,422 shares.
- Avidia Bancorp exceeded quarterly expectations, reporting $0.39 in earnings per share versus the $0.34 consensus estimate and revenue of $29.87 million versus $28.79 million expected.
- The company increased its quarterly dividend to $0.06 per share, equal to an annualized $0.24 dividend and a 1.1% yield; analysts’ views remain mixed, but the overall consensus rating is “Moderate Buy.”
Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) EVP Thomas Doane bought 1,726 shares of the firm's 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 completion of the transaction, the executive vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Avidia Bancorp Stock Performance
Shares of AVBC opened at $22.07 on Thursday. Avidia Bancorp, Inc. has a fifty-two week low of $14.31 and a fifty-two week high of $22.90. The business has a 50-day moving average price of $20.99. The stock has a market cap of $440.76 million and a price-to-earnings ratio of 23.23. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48.
Avidia Bancorp (NYSE:AVBC - Get Free Report) last released its quarterly earnings data 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 business had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. As a group, research analysts predict that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.
Avidia Bancorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.06 per share. This is a boost 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 currently 25.26%.
Wall Street Analyst Weigh In
Several analysts have issued reports on AVBC shares. Seaport Research Partners reiterated a "buy" rating and issued a $25.00 target price on shares of Avidia Bancorp in a research note on Friday, July 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Avidia Bancorp in a research report on Wednesday, July 29th. Finally, Zacks Research raised Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".
Check Out Our Latest Report on Avidia Bancorp
Institutional Trading of Avidia Bancorp
A number of hedge funds have recently modified their holdings of AVBC. Renaissance Technologies LLC bought a new stake in Avidia Bancorp during the fourth quarter worth about $205,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Avidia Bancorp in the 4th quarter worth approximately $208,000. Occudo Quantitative Strategies LP purchased a new position in Avidia Bancorp during the fourth quarter valued at $227,000. Jane Street Group LLC bought a new stake in Avidia Bancorp in the fourth quarter worth $260,000. Finally, Commonwealth Equity Services LLC grew its stake in shares of Avidia Bancorp by 29.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company's stock worth $1,157,000 after acquiring an additional 15,500 shares during the last quarter.
About Avidia Bancorp
(
Get Free Report)
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.
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