Avidia Bancorp (NYSE:AVBC) Trading 0.1% Higher - Should You Buy?

Key Points

• Analyst outlook: Weiss Ratings initiated coverage with a "Sell (e+)" and the stock's consensus rating on MarketBeat is currently Sell.
• Insider buying: CFO Jonathan Nelson bought 2,579 shares and EVP Bartholomew Murphy Jr. bought 1,500 shares recently, with insiders acquiring 14,765 shares (~$281,130) over the past three months.
• Valuation and payout: Avidia has a market cap of $410.7M and a high trailing PE of 85.23, pays a $0.20 annualized dividend (1.0% yield) with an 83.3% payout ratio, suggesting limited earnings margin for dividend growth.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report)'s share price traded up 0.1% during trading on Monday . The stock traded as high as $20.60 and last traded at $20.4540. 66,880 shares were traded during mid-day trading, a decline of 1% from the average session volume of 67,720 shares. The stock had previously closed at $20.44.

Analyst Ratings Changes

Separately, Weiss Ratings assumed coverage on shares of Avidia Bancorp in a report on Wednesday, February 11th. They set a "sell (e+)" rating for the company. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Avidia Bancorp currently has an average rating of "Sell".

Avidia Bancorp Trading Up 0.1%

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50 day moving average is $19.23. The company has a market capitalization of $410.72 million and a PE ratio of 85.23.

Avidia Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Tuesday, February 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, February 17th. Avidia Bancorp's payout ratio is 83.33%.

Insider Buying and Selling

In related news, CFO Jonathan Michael Nelson acquired 2,579 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were acquired at an average price of $19.39 per share, with a total value of $50,006.81. Following the completion of the purchase, the chief financial officer directly owned 22,378 shares in the company, valued at approximately $433,909.42. The trade was a 13.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bartholomew H. Murphy, Jr. acquired 1,500 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average price of $19.15 per share, with a total value of $28,725.00. Following the transaction, the executive vice president owned 23,000 shares in the company, valued at $440,450. This represents a 6.98% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 14,765 shares of company stock valued at $281,130 over the last three months.

Hedge Funds Weigh In On Avidia Bancorp

A number of institutional investors have recently modified their holdings of the company. Marshall Wace LLP acquired a new stake in Avidia Bancorp during the fourth quarter worth approximately $1,328,000. Millennium Management LLC purchased a new stake in Avidia Bancorp in the 4th quarter worth approximately $1,184,000. State Street Corp raised its holdings in Avidia Bancorp by 102.9% in the 4th quarter. State Street Corp now owns 55,122 shares of the company's stock valued at $927,000 after acquiring an additional 27,960 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of 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 purchasing an additional 15,500 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of Avidia Bancorp during the 4th quarter worth $260,000.

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.