Avidia Bancorp (NYSE:AVBC) Director Buys 5,000 Shares

Key Points

• Director Joseph Grimaldo purchased 5,000 Avidia Bancorp shares at an average price of $22.02, investing $110,100 and increasing his holdings by 11.2% to 49,655 shares.
• Avidia Bancorp’s shares rose 0.2% to $22.07 and remain near their 52-week high of $22.90. The company recently exceeded quarterly earnings and revenue expectations, reporting EPS of $0.39 versus the $0.34 consensus.
• The bank increased its quarterly dividend to $0.06 per share from $0.05, implying an annualized payout of $0.24 and a 1.1% yield. Analyst sentiment is mixed but averages to a “Moderate Buy” rating.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Director Joseph Grimaldo bought 5,000 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was bought at an average cost of $22.02 per share, for a total transaction of $110,100.00. Following the acquisition, the director owned 49,655 shares of the company's stock, valued at approximately $1,093,403.10. This trade represents a 11.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Avidia Bancorp Trading Up 0.2%

Shares of Avidia Bancorp stock traded up $0.06 during trading hours on Thursday, hitting $22.07. 51,441 shares of the company were exchanged, compared to its average volume of 95,374. 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 firm has a 50-day simple moving average of $21.18. Avidia Bancorp, Inc. has a 1 year low of $14.31 and a 1 year high of $22.90. The firm has a market capitalization of $440.84 million and a PE ratio of 23.20.

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 for the quarter, beating analysts' consensus estimates of $0.34 by $0.05. The firm had revenue of $29.87 million for the quarter, compared to analyst estimates of $28.79 million. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. As a group, research analysts anticipate that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.

Avidia Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 18th will be issued a dividend of $0.06 per share. This is a boost from Avidia Bancorp's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Avidia Bancorp's dividend payout ratio is currently 25.26%.

Institutional Investors Weigh In On Avidia Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in AVBC. Renaissance Technologies LLC acquired a new stake in Avidia Bancorp in the 4th quarter valued at about $205,000. Commonwealth Equity Services LLC lifted 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 valued at $1,157,000 after purchasing an additional 15,500 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Avidia Bancorp in the fourth quarter valued at about $260,000. State Street Corp grew its position in shares of Avidia Bancorp by 102.9% in the fourth quarter. State Street Corp now owns 55,122 shares of the company's stock valued at $927,000 after purchasing an additional 27,960 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Avidia Bancorp during the 4th quarter worth approximately $1,328,000.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Seaport Research Partners reaffirmed a "buy" rating and set a $25.00 price target on shares of Avidia Bancorp in a research note on Friday, July 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Avidia Bancorp in a report on Wednesday, July 29th. Finally, Zacks Research upgraded shares of Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy".

Avidia Bancorp Company Profile

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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