Avidia Bancorp (NYSE:AVBC) Chairman Purchases $110,600.00 in Stock

Key Points

• Insider buying: Chairman Michael Murphy purchased 5,000 Avidia Bancorp shares for $110,600, increasing his direct ownership by 270.27% to 6,850 shares.
• Financial performance: Avidia Bancorp exceeded quarterly earnings and revenue estimates, reporting $0.39 in EPS versus the $0.34 consensus and $29.87 million in revenue.
• Investor outlook: The company raised its quarterly dividend to $0.06, while analyst opinion remains mixed but averages to a “Moderate Buy” rating; the stock recently traded near its 52-week high at $21.94.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Chairman Michael Murphy bought 5,000 shares of the business's stock in a transaction on Monday, September 14th. The shares were acquired at an average price of $22.12 per share, with a total value of $110,600.00. Following the completion of the purchase, the chairman directly owned 6,850 shares of the company's stock, valued at approximately $151,522. The trade was a 270.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Avidia Bancorp Price Performance

Avidia Bancorp stock opened at $21.94 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05. Avidia Bancorp, Inc. has a 52 week low of $14.31 and a 52 week high of $22.90. The stock has a market capitalization of $438.14 million and a P/E ratio of 23.09. The stock has a fifty day moving average of $21.58 and a 200-day moving average of $20.40.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.05. The business had revenue of $29.87 million for the quarter, compared to analyst estimates of $28.79 million. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%. On average, sell-side analysts expect that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.

Avidia Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 18th. This is a positive change from Avidia Bancorp's previous quarterly dividend of $0.05. Avidia Bancorp's payout ratio is currently 25.26%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Weiss Ratings raised 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 reissued a "buy" rating and set a $25.00 price objective on shares of Avidia Bancorp in a report on Friday, July 24th. Finally, Zacks Research raised Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy".

Institutional Trading of Avidia Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP boosted its stake in shares of Avidia Bancorp by 22.3% in the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company's stock valued at $324,000 after purchasing an additional 2,813 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp during the second quarter valued at $372,000. Deprince Race & Zollo Inc. acquired a new stake in Avidia Bancorp during the 1st quarter worth about $399,000. Bank of America Corp DE grew its holdings in Avidia Bancorp by 217.5% during the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company's stock worth $521,000 after acquiring an additional 18,163 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Avidia Bancorp by 254.9% in the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company's stock worth $852,000 after acquiring an additional 31,100 shares in the last quarter.

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 offers deposit products such as checking, savings, money market and certificate accounts, along with residential mortgages, home equity loans, consumer credit and commercial lending. Its business banking services include commercial real estate financing, business loans, cash management and other treasury services.

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