Avidia Bancorp, Inc. (NYSE:AVBC) Short Interest Update

Key Points

• Short interest in Avidia Bancorp surged in June, rising 314.9% to 308,554 shares as of June 30. Even with the jump, only about 1.5% of the float is shorted, and the days-to-cover ratio is 0.9.
• Insiders have been buying shares, including CEO Robert D. Cozzone and EVP Nicolas Karmelek. Over the last 90 days, insiders purchased 17,261 shares valued at $349,794.
• The company recently beat earnings estimates, reporting $0.32 EPS versus the $0.30 consensus and revenue of $28.27 million. Avidia also paid a quarterly dividend of $0.05 per share, implying a 1.0% annualized yield.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) saw a significant growth in short interest in June. As of June 30th, there was short interest totaling 308,554 shares, a growth of 314.9% from the June 15th total of 74,361 shares. Approximately 1.5% of the shares of the stock are short sold. Based on an average daily volume of 334,618 shares, the days-to-cover ratio is currently 0.9 days.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Avidia Bancorp from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".

Insider Buying and Selling

In other Avidia Bancorp news, CEO Robert D. Cozzone bought 2,128 shares of Avidia Bancorp stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $18.80 per share, with a total value of $40,006.40. Following the purchase, the chief executive officer directly owned 67,357 shares in the company, valued at $1,266,311.60. This represents a 3.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nicolas Karmelek bought 1,220 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were acquired at an average price of $20.76 per share, for a total transaction of $25,327.20. Following the transaction, the executive vice president directly owned 7,705 shares in the company, valued at approximately $159,955.80. This represents a 18.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 17,261 shares of company stock valued at $349,794 in the last 90 days.

Institutional Investors Weigh In On Avidia Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of AVBC. Bank of America Corp DE boosted its holdings in Avidia Bancorp by 217.5% in 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 during the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $852,000 after buying an additional 31,100 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new stake in shares of Avidia Bancorp during the 1st quarter valued at approximately $399,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Avidia Bancorp during the 4th quarter valued at approximately $227,000. Finally, Millennium Management LLC acquired a new position in Avidia Bancorp in the fourth quarter valued at approximately $1,184,000.

Avidia Bancorp Price Performance

Avidia Bancorp stock traded down $0.10 during trading on Monday, reaching $20.37. 42,543 shares of the company were exchanged, compared to its average volume of 189,577. The firm's 50 day moving average price is $19.85. The firm has a market capitalization of $409.07 million and a P/E ratio of 36.38. 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 52-week low of $14.00 and a 52-week high of $21.64.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last issued its earnings results on Monday, April 27th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. Avidia Bancorp had a return on equity of 4.31% and a net margin of 9.47%.The company had revenue of $28.27 million during the quarter, compared to analysts' expectations of $28.11 million. As a group, equities analysts forecast that Avidia Bancorp will post 1.31 earnings per share for the current year.

Avidia Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Tuesday, May 19th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Avidia Bancorp's dividend payout ratio is currently 35.71%.

About Avidia Bancorp

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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