Key Points
- Director Micheal Neil Flanigan sold 5,000 Avidia Bancorp shares at an average price of $22.34, generating $111,700 in proceeds.
- Avidia Bancorp’s latest quarterly results exceeded expectations, with earnings of $0.39 per share versus the $0.34 estimate and revenue of $29.87 million. The company also increased its quarterly dividend to $0.06 per share, implying a 1.1% yield.
- Analyst sentiment is mixed, with ratings ranging from sell to buy; the stock has an average “Hold” rating and a consensus price target of $26.00, compared with a recent price near $21.91.
Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Director Micheal Neil Flanigan sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $22.34, for a total transaction of $111,700.00. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Avidia Bancorp Trading Down 0.5%
AVBC opened at $21.91 on Friday. Avidia Bancorp, Inc. has a 12-month low of $14.31 and a 12-month high of $22.90. 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 stock has a market capitalization of $437.54 million, a PE ratio of 23.06 and a beta of -0.44. The firm's fifty day moving average price is $21.92 and its 200 day moving average price is $20.76.
Avidia Bancorp (NYSE:AVBC - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.05. The company had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. As a group, research analysts expect that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.
Avidia Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were issued a $0.06 dividend. This is an increase from Avidia Bancorp's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 18th. Avidia Bancorp's dividend payout ratio is presently 25.26%.
Institutional Trading of Avidia Bancorp
Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in 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. Ancora Advisors LLC increased its stake in shares of Avidia Bancorp by 36.0% in the second 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 during the period. Deprince Race & Zollo Inc. bought a new stake in shares of Avidia Bancorp during the first quarter valued at approximately $399,000. Bank of America Corp DE boosted its position in shares of Avidia Bancorp by 217.5% during the first quarter. Bank of America Corp DE now owns 26,512 shares of the company's stock worth $521,000 after buying an additional 18,163 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Avidia Bancorp during the second quarter worth approximately $372,000.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on AVBC. Seaport Research Partners reiterated a "buy" rating and issued a $25.00 target price on shares of Avidia Bancorp in a research report on Friday, July 24th. Zacks Research lowered Avidia Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Weiss Ratings upgraded Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, September 1st. Finally, Hovde Group began coverage on shares of Avidia Bancorp in a report on Monday, October 5th. They issued an "outperform" rating and a $26.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $26.00.
Read Our Latest Stock Analysis on Avidia Bancorp
About Avidia Bancorp
(
Get Free Report)
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.
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