Avidia Bancorp (NYSE:AVBC) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Avidia Bancorp reported quarterly EPS of $0.47, beating analysts’ consensus estimate of $0.38 by $0.09. The company posted an 11.51% net margin and 4.62% return on equity.
• Shares rose to $22.31 during Thursday trading, near the stock’s 12-month high of $22.90, giving Avidia Bancorp a market capitalization of approximately $445.5 million.
• Insiders purchased 16,226 shares worth about $359,000 over the past three months. Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $26.00.

Avidia Bancorp (NYSE:AVBC - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.38 by $0.09, Zacks reports. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.

Avidia Bancorp Stock Performance

Shares of NYSE AVBC traded up $0.11 during mid-day trading on Thursday, reaching $22.31. 112,808 shares of the company were exchanged, compared to its average volume of 105,536. The stock has a market capitalization of $445.45 million, a P/E ratio of 23.48 and a beta of -0.44. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.48. The company's 50-day simple moving average is $22.00 and its 200-day simple moving average is $20.92. Avidia Bancorp has a twelve month low of $14.53 and a twelve month high of $22.90.

Insider Activity

In other news, EVP Thomas Doane purchased 1,726 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was 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 owned 19,422 shares in the company, valued at approximately $433,304.82. This trade represents a 9.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jonathan Nelson acquired 4,500 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was purchased at an average cost of $22.19 per share, for a total transaction of $99,855.00. Following the completion of the acquisition, the chief financial officer owned 19,045 shares in the company, valued at approximately $422,608.55. This represents a 30.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 16,226 shares of company stock valued at $359,062. Company insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AVBC. Weiss Ratings upgraded shares of Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, September 1st. Seaport Research Partners restated a "buy" rating and set a $25.00 price objective on shares of Avidia Bancorp in a research note on Friday, July 24th. Zacks Research cut shares of Avidia Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Hovde Group started coverage on shares of Avidia Bancorp in a research note on Monday, October 5th. They issued an "outperform" rating and a $26.00 target price for the company. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $26.00.

About Avidia Bancorp

Avidia Bancorp, Inc is the bank holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. Through Avidia Bank, the company provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Avidia Bank's products and services include checking and savings accounts, certificates of deposit, residential and consumer loans, mortgages, home equity financing, commercial real estate lending and business loans.

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