Key Points
- Chairman Michael Dennis Murphy bought 5,000 Avidia Bancorp shares at an average price of $22.12, investing $110,600 and increasing his direct holdings by 270.27% to 6,850 shares.
- Avidia Bancorp reported quarterly earnings of $0.39 per share, exceeding estimates of $0.34, while revenue of $29.87 million also topped expectations.
- The company raised its quarterly dividend to $0.06 per share, equivalent to an annualized $0.24 dividend and a 1.1% yield; analyst sentiment averaged “Moderate Buy,” with a $25 price target from Seaport Research Partners.
Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Chairman Michael Murphy bought 5,000 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was purchased at an average price of $22.12 per share, with a total value of $110,600.00. Following the completion of the purchase, the chairman directly owned 6,850 shares of the company's stock, valued at approximately $151,522. This trade represents a 270.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Avidia Bancorp Stock Performance
Shares of AVBC stock opened at $22.29 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.05 and a quick ratio of 1.05. The company's fifty day moving average price is $21.62 and its two-hundred day moving average price is $20.42. The firm has a market capitalization of $445.13 million and a P/E ratio of 23.46. Avidia Bancorp, Inc. has a 12 month low of $14.31 and a 12 month high of $22.90.
Avidia Bancorp (NYSE:AVBC - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.39 earnings per share 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 company had revenue of $29.87 million during the quarter, compared to the consensus estimate of $28.79 million. On average, research analysts anticipate that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.
Avidia Bancorp Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 18th. This is a positive change from Avidia Bancorp's previous quarterly dividend of $0.05. Avidia Bancorp's dividend payout ratio is currently 25.26%.
Institutional Investors Weigh In On Avidia Bancorp
A number of hedge funds and other institutional investors have recently modified their holdings of AVBC. Engineers Gate Manager LP grew its position in Avidia Bancorp by 22.3% in the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company's stock valued at $324,000 after buying an additional 2,813 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp during the second quarter worth approximately $372,000. Ancora Advisors LLC lifted its position in Avidia Bancorp by 36.0% in 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 during the period. Bank of America Corp DE boosted its stake 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 valued at $521,000 after purchasing an additional 18,163 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Avidia Bancorp by 254.9% during the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company's stock valued at $852,000 after purchasing an additional 31,100 shares during the period.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Weiss Ratings raised Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, September 1st. Seaport Research Partners restated a "buy" rating and set a $25.00 price target on shares of Avidia Bancorp in a research report on Friday, July 24th. Finally, Zacks Research raised shares of Avidia Bancorp from a "hold" rating to a "strong-buy" rating 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy".
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About Avidia Bancorp
(
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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 offers deposit products such as checking, savings, money market and certificate accounts, along with residential mortgages, home equity loans, consumer credit and commercial lending. Its business banking services include commercial real estate financing, business loans, cash management and other treasury services.
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