Avidia Bancorp, Inc. (NYSE:AVBC) Increases Dividend to $0.06 Per Share

Key Points

• Avidia Bancorp raised its quarterly dividend to $0.06 per share, up 20% from $0.05. Shareholders of record on August 18 will be paid on August 27.
• The new dividend implies an annualized yield of about 1.2%. The company’s stock opened at $20.30, near its 50-day average of $19.94.
• Avidia Bancorp also reported Q2 EPS of $0.39, beating analyst estimates by $0.05. Insider buying has been notable, with directors and the chairman purchasing shares in recent months.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) announced a quarterly dividend on Thursday, July 23rd. Shareholders of record on Tuesday, August 18th will be paid a dividend of 0.06 per share on Thursday, August 27th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, August 18th. This is a 20.0% increase from Avidia Bancorp's previous quarterly dividend of $0.05.

Avidia Bancorp Price Performance

NYSE AVBC opened at $20.30 on Friday. The company has a 50-day moving average price of $19.94. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.61. Avidia Bancorp has a 1-year low of $14.00 and a 1-year high of $21.64. The firm has a market cap of $407.64 million and a price-to-earnings ratio of 36.25.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. 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 9.47% and a return on equity of 4.31%. On average, equities research analysts expect that Avidia Bancorp will post 1.31 EPS for the current fiscal year.

Insider Activity at Avidia Bancorp

In other Avidia Bancorp news, Director James N. Ball bought 5,000 shares of Avidia Bancorp stock in a transaction on Monday, April 27th. The shares were purchased at an average cost of $20.60 per share, for a total transaction of $103,000.00. Following the completion of the acquisition, the director owned 50,000 shares in the company, valued at approximately $1,030,000. The trade was a 11.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael Dennis Murphy purchased 1,850 shares of the company's stock in a transaction on Tuesday, April 28th. The stock was purchased at an average cost of $20.94 per share, for a total transaction of $38,739.00. Following the purchase, the chairman directly owned 1,850 shares in the company, valued at approximately $38,739. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 17,261 shares of company stock valued at $349,794.

Institutional Investors Weigh In On Avidia Bancorp

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new stake in shares of Avidia Bancorp during the fourth quarter worth approximately $205,000. Commonwealth Equity Services LLC increased its position in Avidia Bancorp by 29.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company's stock worth $1,157,000 after buying an additional 15,500 shares during the period. Jane Street Group LLC acquired a new stake in shares of Avidia Bancorp during the fourth quarter worth $260,000. State Street Corp lifted its holdings in shares of Avidia Bancorp by 102.9% during the fourth quarter. State Street Corp now owns 55,122 shares of the company's stock worth $927,000 after buying an additional 27,960 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Avidia Bancorp in the fourth quarter valued at about $1,328,000.

Avidia Bancorp Company Profile

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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