Avidia Bancorp (NYSE:AVBC) Director Micheal Neil Flanigan Sells 900 Shares of Stock

Key Points

• Director Micheal Neil Flanigan sold 900 Avidia Bancorp shares at an average price of $23.24, worth $20,916, leaving him with 100 shares. He had also sold 5,000 shares in September.
• Avidia Bancorp reported quarterly EPS of $0.47, beating the $0.38 consensus, and revenue of $31.16 million, above the $30.08 million estimate.
• The company declared a quarterly dividend of $0.06 per share, equivalent to a 1.1% annualized yield. Analyst opinion was mixed, with the stock carrying a consensus Hold rating and a $26 price target.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Director Micheal Neil Flanigan sold 900 shares of the business's stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $23.24, for a total transaction of $20,916.00. Following the completion of the sale, the director directly owned 100 shares of the company's stock, valued at $2,324. This represents a 90.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Micheal Neil Flanigan also recently made the following trade(s):

• On Friday, September 18th, Micheal Neil Flanigan sold 5,000 shares of Avidia Bancorp stock. The shares were sold at an average price of $22.34, for a total transaction of $111,700.00.

Avidia Bancorp Stock Down 0.4%

Shares of AVBC stock traded down $0.09 on Friday, hitting $22.52. The company's stock had a trading volume of 38,808 shares, compared to its average volume of 106,213. The stock has a market capitalization of $449.72 million, a price-to-earnings ratio of 15.32 and a beta of -0.50. Avidia Bancorp, Inc. has a fifty-two week low of $14.84 and a fifty-two week high of $24.00. The firm's fifty day moving average price is $22.21 and its 200-day moving average price is $20.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.05 and a quick ratio of 1.05.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last posted its earnings results on Friday, October 23rd. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.38 by $0.09. Avidia Bancorp had a net margin of 17.49% and a return on equity of 7.06%. The firm had revenue of $31.16 million for the quarter, compared to the consensus estimate of $30.08 million. Research analysts anticipate that Avidia Bancorp, Inc. will post 1.55 EPS for the current year.

Avidia Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Tuesday, November 17th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, November 17th. Avidia Bancorp's dividend payout ratio is 16.33%.

Wall Street Analyst Weigh In

AVBC has been the topic of a number of recent analyst reports. Hovde Group started coverage on Avidia Bancorp in a research note on Monday, October 5th. They issued an "outperform" rating and a $26.00 price objective on the stock. Weiss Ratings upgraded Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, September 1st. Zacks Research downgraded Avidia Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Seaport Research Partners reissued a "buy" rating and issued a $25.00 price target on shares of Avidia Bancorp in a research report on Friday, July 24th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $26.00.

Institutional Investors Weigh In On Avidia Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ancora Advisors LLC lifted its position in shares of Avidia Bancorp by 36.0% during the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company's stock worth $2,153,000 after purchasing an additional 27,160 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Avidia Bancorp by 36.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 90,431 shares of the company's stock valued at $1,953,000 after buying an additional 24,354 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Avidia Bancorp by 254.9% in the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company's stock valued at $852,000 after buying an additional 31,100 shares during the last quarter. Bank of America Corp DE increased its position in Avidia Bancorp by 217.5% in the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company's stock worth $521,000 after buying an additional 18,163 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new position in Avidia Bancorp in the 2nd quarter worth approximately $372,000.

Avidia Bancorp Company Profile

Avidia Bancorp, Inc is the holding company for Avidia Bank, a community-focused financial institution headquartered in Hudson, Massachusetts. The company serves consumers, businesses and nonprofit organizations primarily across central Massachusetts and the MetroWest region.

Avidia Bank provides a range of banking products and services, including checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans and commercial lending. Its business banking offerings include commercial real estate loans, business lines of credit, cash management and deposit services.

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