Avidia Bancorp (NYSE:AVBC) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research downgraded Avidia Bancorp from “strong buy” to “hold,” while the broader analyst consensus remains “Reduce.”
• Avidia Bancorp’s shares opened at $21.81, near their 52-week high of $22.90, and the stock has a market capitalization of approximately $435.5 million.
• The company exceeded quarterly earnings expectations, reporting $0.39 in EPS versus the $0.34 consensus and revenue of $29.87 million versus $28.79 million; insiders have also purchased $359,062 worth of shares over the past 90 days.

Avidia Bancorp (NYSE:AVBC - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

AVBC has been the topic of a number of other research reports. Weiss Ratings raised shares of Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, September 1st. Seaport Research Partners restated a "buy" rating and issued a $25.00 target price on shares of Avidia Bancorp in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce".

Avidia Bancorp Stock Down 0.5%

NYSE AVBC opened at $21.81 on Monday. Avidia Bancorp has a fifty-two week low of $14.31 and a fifty-two week 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 business has a fifty day moving average price of $21.75 and a two-hundred day moving average price of $20.52. The stock has a market capitalization of $435.47 million and a PE ratio of 22.95.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last posted 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. The company had revenue of $29.87 million for the quarter, compared to the consensus estimate of $28.79 million. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. Equities analysts expect that Avidia Bancorp will post 1.44 earnings per share for the current fiscal year.

Insider Activity at Avidia Bancorp

In other news, EVP Thomas Doane acquired 1,726 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were acquired at an average price of $22.31 per share, for a total transaction of $38,507.06. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan Nelson bought 4,500 shares of the stock in a transaction on Thursday, September 3rd. The stock was purchased at an average price of $22.19 per share, for a total transaction of $99,855.00. Following the completion of the purchase, the chief financial officer owned 19,045 shares of the company's stock, valued at approximately $422,608.55. This trade represents a 30.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 16,226 shares of company stock worth $359,062 in the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Avidia Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP boosted its holdings in Avidia Bancorp by 22.3% in the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company's stock worth $324,000 after buying an additional 2,813 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp during the 2nd quarter valued at $372,000. Bank of America Corp DE raised 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 valued at $521,000 after acquiring an additional 18,163 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Avidia Bancorp during the first quarter worth $399,000. Finally, Ancora Advisors LLC lifted its position in shares of 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 acquiring an additional 27,160 shares in the last quarter.

Avidia Bancorp Company Profile

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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