Insider Buying: Avidia Bancorp (NYSE:AVBC) Chairman Buys 1,850 Shares of Stock

Key Points

• Chairman Michael Dennis Murphy purchased 1,850 shares on April 28 at an average price of $20.94 for a total of $38,739, a filing with the SEC discloses.
• Avidia reported Q1 EPS of $0.32 beating the $0.30 estimate with revenue of $28.27M, and declared a quarterly dividend of $0.05 (annualized $0.20, yield 1.0%, payout ratio 83.33%).
• The stock traded down about 2.1% to $20.46, carries a high P/E of 85.26 and a market cap near $410.9M, while analysts’ consensus rating on MarketBeat is “Sell” (Weiss Ratings initiated coverage with a sell rating).

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Chairman Michael Dennis Murphy purchased 1,850 shares of the stock in a transaction dated Tuesday, April 28th. The shares were acquired at an average price of $20.94 per share, with a total value of $38,739.00. Following the transaction, the chairman owned 1,850 shares in the company, valued at $38,739. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Avidia Bancorp Trading Down 2.1%

Shares of NYSE:AVBC traded down $0.44 during trading on Wednesday, hitting $20.46. 57,150 shares of the company's stock were exchanged, compared to its average volume of 73,772. Avidia Bancorp, Inc. has a 1-year low of $14.00 and a 1-year high of $21.43. The company's 50-day moving average is $19.56. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $410.90 million and a price-to-earnings ratio of 85.26.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. Avidia Bancorp had a net margin of 9.47% and a return on equity of 4.55%. The company had revenue of $28.27 million during the quarter, compared to analysts' expectations of $28.11 million. As a group, research analysts predict that Avidia Bancorp, Inc. will post 1.31 EPS for the current year.

Avidia Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Tuesday, May 19th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 19th. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. Avidia Bancorp's payout ratio is currently 83.33%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings started coverage on shares of Avidia Bancorp in a research report on Wednesday, February 11th. They set a "sell (e+)" rating for the company. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Avidia Bancorp currently has an average rating of "Sell".

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AVBC. Renaissance Technologies LLC acquired a new position in Avidia Bancorp during the fourth quarter valued at approximately $205,000. Commonwealth Equity Services LLC grew its holdings in Avidia Bancorp by 29.1% during 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 during the period. Jane Street Group LLC acquired a new position in Avidia Bancorp during the fourth quarter valued at approximately $260,000. State Street Corp grew its holdings in Avidia Bancorp by 102.9% during 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 period. Finally, Marshall Wace LLP acquired a new position in Avidia Bancorp during the fourth quarter valued at approximately $1,328,000.

About Avidia Bancorp

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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