Avidia Bancorp (NYSE:AVBC) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Avidia Bancorp reported quarterly earnings of $0.39 per share, topping Wall Street expectations by $0.05.
• The bank posted a return on equity of 4.31% and a net margin of 9.47%, while shares rose modestly to $20.30 in trading after the report.
• Insider activity has been positive, with CEO Robert D. Cozzone and Chairman Michael Dennis Murphy both buying shares recently; analysts currently have a consensus Sell rating on the stock.

Avidia Bancorp (NYSE:AVBC - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.05, Zacks reports. Avidia Bancorp had a return on equity of 4.31% and a net margin of 9.47%.

Avidia Bancorp Stock Performance

Shares of AVBC stock traded up $0.07 during mid-day trading on Thursday, hitting $20.30. The company's stock had a trading volume of 64,983 shares, compared to its average volume of 85,134. The firm has a market capitalization of $407.64 million and a PE ratio of 36.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.08. Avidia Bancorp has a 52-week low of $14.00 and a 52-week high of $21.64. The company has a 50-day moving average of $19.92.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Avidia Bancorp

In related news, CEO Robert D. Cozzone acquired 2,128 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $18.80 per share, for a total transaction of $40,006.40. Following the completion of the transaction, the chief executive officer directly owned 67,357 shares in the company, valued at approximately $1,266,311.60. This trade represents a 3.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael Dennis Murphy bought 1,850 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The stock was bought at an average price of $20.94 per share, for a total transaction of $38,739.00. Following the acquisition, the chairman directly owned 1,850 shares of the company's stock, valued at $38,739. The trade was a ∞ increase in their position. 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 worth $349,794.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in shares of Avidia Bancorp during the 4th quarter valued at about $205,000. Commonwealth Equity Services LLC boosted its holdings in shares of Avidia Bancorp by 29.1% in the fourth 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 last quarter. Jane Street Group LLC bought a new stake in Avidia Bancorp during the fourth quarter valued at approximately $260,000. State Street Corp increased its holdings in Avidia Bancorp by 102.9% during the fourth quarter. State Street Corp now owns 55,122 shares of the company's stock valued at $927,000 after buying an additional 27,960 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Avidia Bancorp during the fourth quarter valued at approximately $1,328,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.