Avidia Bancorp (NYSE:AVBC) EVP Thomas Doane Acquires 1,726 Shares of Stock

Key Points

• EVP Thomas Doane purchased 1,726 Avidia Bancorp shares at an average price of $22.31, investing approximately $38,507 and increasing his direct holdings by 9.75% to 19,422 shares.
• Avidia Bancorp reported quarterly EPS of $0.39, exceeding the $0.34 analyst consensus, while revenue of $29.87 million also surpassed expectations.
• The company raised its quarterly dividend to $0.06 per share, equivalent to a $0.24 annualized payout and a 1.1% yield; analyst sentiment remains a “Moderate Buy,” despite conflicting ratings.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) EVP Thomas Doane acquired 1,726 shares of the business's stock in a transaction dated Monday, August 17th. The shares were acquired at an average cost of $22.31 per share, with a total value of $38,507.06. Following the acquisition, the executive vice president directly owned 19,422 shares of the company's stock, valued at $433,304.82. This represents a 9.75% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Avidia Bancorp Price Performance

AVBC stock traded up $0.21 during midday trading on Wednesday, reaching $22.32. The company had a trading volume of 26,990 shares, compared to its average volume of 94,031. The company has a market cap of $448.09 million and a P/E ratio of 23.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.48. Avidia Bancorp, Inc. has a 1 year low of $14.31 and a 1 year high of $22.90. The company's 50-day moving average is $20.95.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.05. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.The firm had revenue of $29.87 million during the quarter, compared to analysts' expectations of $28.79 million. On average, equities analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th will be paid a $0.06 dividend. This is an increase from Avidia Bancorp's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. Avidia Bancorp's payout ratio is presently 21.05%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Avidia Bancorp during the fourth quarter valued at $205,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Avidia Bancorp in the 4th quarter worth about $208,000. Occudo Quantitative Strategies LP purchased a new position in shares of Avidia Bancorp in the 4th quarter worth about $227,000. Jane Street Group LLC bought a new position in Avidia Bancorp in the 4th quarter worth about $260,000. Finally, Deprince Race & Zollo Inc. bought a new position in Avidia Bancorp in the 1st quarter worth about $399,000.

Analyst Ratings Changes

A number of brokerages recently commented on AVBC. Seaport Research Partners restated a "buy" rating and set a $25.00 target price on shares of Avidia Bancorp in a report on Friday, July 24th. Zacks Research upgraded shares of Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Avidia Bancorp in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

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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