Avidia Bancorp (NYSE:AVBC) Stock: Insider Micheal Neil Flanigan Sells 5,000 Shares

Key Points

• Director Micheal Neil Flanigan sold 5,000 Avidia Bancorp shares at an average price of $22.34, generating proceeds of $111,700.
• AVBC shares traded at $21.89, near their 12-month high of $22.90, while the company reported quarterly EPS of $0.39—beating estimates by $0.05—and revenue of $29.87 million.
• Avidia Bancorp increased its quarterly dividend from $0.05 to $0.06 per share, representing an annualized dividend of $0.24 and a 1.1% yield; analysts’ consensus rating is Hold with a $26 price target.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Director Micheal Neil Flanigan sold 5,000 shares of the firm's stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $22.34, for a total transaction of $111,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidia Bancorp Stock Performance

Shares of NYSE:AVBC traded down $0.12 during trading on Friday, hitting $21.89. The stock had a trading volume of 20,709 shares, compared to its average volume of 105,498. The stock has a 50-day simple moving average of $21.93 and a two-hundred day simple moving average of $20.75. Avidia Bancorp, Inc. has a 12-month low of $14.31 and a 12-month high of $22.90. The stock has a market capitalization of $437.24 million, a price-to-earnings ratio of 23.05 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.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. The firm had revenue of $29.87 million for the quarter, compared to analyst estimates of $28.79 million. On average, equities research analysts expect 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 was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were issued a $0.06 dividend. 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 was Tuesday, August 18th. Avidia Bancorp's dividend payout ratio is presently 25.26%.

Analyst Ratings Changes

Several brokerages have commented on AVBC. Weiss Ratings upgraded Avidia Bancorp from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, September 1st. Hovde Group assumed coverage on shares of Avidia Bancorp in a research report on Monday. They set an "outperform" rating and a $26.00 target price on the stock. Seaport Research Partners reiterated a "buy" rating and issued a $25.00 price target on shares of Avidia Bancorp in a report on Friday, July 24th. Finally, Zacks Research lowered shares of Avidia Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $26.00.

Hedge Funds Weigh In On Avidia Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of AVBC. Ancora Advisors LLC boosted its holdings in Avidia Bancorp by 36.0% in the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company's stock valued at $2,153,000 after purchasing an additional 27,160 shares during the period. Renaissance Technologies LLC lifted its stake 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 valued at $852,000 after acquiring an additional 31,100 shares during the last quarter. Bank of America Corp DE grew its position 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 last quarter. Deprince Race & Zollo Inc. bought a new stake in Avidia Bancorp in the first quarter valued at approximately $399,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Avidia Bancorp in the second quarter worth $372,000.

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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