Key Points
- CFO Jonathan Michael Nelson purchased 4,500 Avidia Bancorp shares at an average price of $22.19, investing $99,855 and increasing his direct stake by 30.94% to 19,045 shares.
- Avidia Bancorp exceeded quarterly expectations, reporting EPS of $0.39 versus the $0.34 consensus and revenue of $29.87 million. The company also raised its quarterly dividend to $0.06 per share, or $0.24 annualized.
- Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and Seaport Research Partners maintaining a $25 price target; the stock recently traded near its 52-week high at $22.13.
Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) CFO Jonathan Michael Nelson purchased 4,500 shares of the firm's stock in a transaction dated Thursday, September 3rd. The stock was acquired at an average cost of $22.19 per share, with a total value of $99,855.00. Following the completion of the acquisition, the chief financial officer directly owned 19,045 shares in the company, valued at approximately $422,608.55. This trade represents a 30.94% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Avidia Bancorp Price Performance
AVBC opened at $22.13 on Friday. The firm has a market cap of $441.94 million and a price-to-earnings ratio of 23.29. Avidia Bancorp, Inc. has a fifty-two week low of $14.31 and a fifty-two week high of $22.90. The company's 50-day moving average price is $21.42 and its 200 day moving average price is $20.22. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.48.
Avidia Bancorp (NYSE:AVBC - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.05. The firm had revenue of $29.87 million for the quarter, compared to analysts' expectations of $28.79 million. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. As a group, sell-side analysts expect that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current year.
Avidia Bancorp Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were given a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 18th. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. This is an increase from Avidia Bancorp's previous quarterly dividend of $0.05. Avidia Bancorp's payout ratio is presently 25.26%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in AVBC. Ancora Advisors LLC raised its holdings in Avidia Bancorp by 36.0% during the second quarter. Ancora Advisors LLC now owns 102,550 shares of the company's stock worth $2,153,000 after purchasing an additional 27,160 shares in the last quarter. Marshall Wace LLP acquired a new stake in Avidia Bancorp in the fourth quarter worth approximately $1,328,000. Millennium Management LLC bought a new position in Avidia Bancorp during the 4th quarter valued at $1,184,000. Commonwealth Equity Services LLC boosted its stake in Avidia Bancorp by 29.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company's stock valued at $1,157,000 after purchasing an additional 15,500 shares in the last quarter. Finally, State Street Corp increased its position in shares of Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company's stock valued at $927,000 after purchasing an additional 27,960 shares during the period.
Analysts Set New Price Targets
A number of brokerages recently issued reports on AVBC. Zacks Research raised Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Weiss Ratings raised Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday. Finally, Seaport Research Partners reissued a "buy" rating and set a $25.00 price target 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy".
Get Our Latest Report on AVBC
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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