Hovde Group Begins Coverage on Avidia Bancorp (NYSE:AVBC)

Key Points

• Hovde Group initiated coverage of Avidia Bancorp with an “outperform” rating and a $26 price target, implying approximately 17% upside from the prior close.
• Analyst opinion remains mixed: one analyst rates the stock Buy, one Hold and one Sell, resulting in a consensus “Hold” rating and a $26 price target.
• Avidia Bancorp exceeded quarterly expectations, reporting $0.39 EPS versus the $0.34 estimate and revenue of $29.87 million versus $28.79 million expected. Company insiders also purchased 16,226 shares worth roughly $359,000 during the last quarter.

Analysts at Hovde Group assumed coverage on shares of Avidia Bancorp (NYSE:AVBC - Get Free Report) in a research report issued on Monday, Benzinga reports. The brokerage set an "outperform" rating and a $26.00 price target on the stock. Hovde Group's price objective indicates a potential upside of 16.99% from the company's previous close.

A number of other equities research analysts have also weighed in on AVBC. Weiss Ratings upgraded Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, September 1st. Zacks Research downgraded Avidia Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Finally, Seaport Research Partners reissued a "buy" rating and issued a $25.00 price objective on shares of Avidia Bancorp in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $26.00.

Avidia Bancorp Price Performance

Avidia Bancorp stock opened at $22.23 on Monday. The firm has a market cap of $443.83 million, a PE ratio of 23.39 and a beta of -0.44. The stock's fifty day moving average price is $21.94 and its two-hundred day moving average price is $20.67. Avidia Bancorp has a one year low of $14.31 and a one year 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.

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 (EPS) 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 for the quarter, compared to analysts' expectations of $28.79 million. As a group, research analysts expect that Avidia Bancorp will post 1.44 EPS for the current fiscal year.

Insider Activity at Avidia Bancorp

In related news, EVP Thomas Doane purchased 1,726 shares of Avidia Bancorp stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average price of $22.31 per share, for a total transaction of $38,507.06. Following the completion of the transaction, the executive vice president owned 19,422 shares in the company, valued at $433,304.82. This represents a 9.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan Nelson acquired 4,500 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were bought at an average price of $22.19 per share, with a total value of $99,855.00. Following the acquisition, the chief financial officer directly owned 19,045 shares of the company's stock, valued at $422,608.55. The trade was a 30.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 16,226 shares of company stock valued at $359,062 over the last quarter. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Avidia Bancorp

A number of hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC grew its holdings in Avidia Bancorp by 254.9% during the first 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 raised 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 buying an additional 27,160 shares during the period. Deprince Race & Zollo Inc. bought a new stake in shares of Avidia Bancorp in the first quarter valued at $399,000. Bank of America Corp DE lifted its position in shares of 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 buying an additional 18,163 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Avidia Bancorp during the 2nd quarter valued at $372,000.

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'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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