Insider Buying: Avidia Bancorp (NYSE:AVBC) Director Buys $38,080.00 in Stock

Key Points

• Director Michael Gilles bought 2,000 Avidia Bancorp shares at an average price of $19.04, investing $38,080 and increasing his direct holdings by 11.11% to 20,000 shares.
• AVBC shares recently traded at $22.56, near their 52-week high of $22.90, after the company exceeded quarterly earnings and revenue estimates with EPS of $0.39 and revenue of $29.87 million.
• Avidia Bancorp raised its quarterly dividend from $0.05 to $0.06 per share, implying an annualized dividend of $0.24 and a 1.1% yield; analyst sentiment is “Moderate Buy,” including a $25 price target from Seaport Research Partners.

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) Director Michael Gilles purchased 2,000 shares of the stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $19.04 per share, for a total transaction of $38,080.00. Following the completion of the acquisition, the director directly owned 20,000 shares of the company's stock, valued at approximately $380,800. This trade represents a 11.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Avidia Bancorp Trading Up 1.5%

AVBC stock traded up $0.33 during trading on Thursday, hitting $22.56. The company had a trading volume of 43,353 shares, compared to its average volume of 85,440. The company has a market capitalization of $453.00 million and a price-to-earnings ratio of 23.74. The firm has a 50 day moving average price of $20.18. Avidia Bancorp, Inc. has a fifty-two week low of $14.00 and a fifty-two week high of $22.90. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.61.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.05. The firm had revenue of $29.87 million during 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 4.65%. As a group, equities analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, August 18th. This is a positive change from Avidia Bancorp's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.1%. Avidia Bancorp's dividend payout ratio is presently 21.05%.

Institutional Investors Weigh In On Avidia Bancorp

Large investors have recently modified their holdings of the stock. Marshall Wace LLP acquired a new stake in shares of Avidia Bancorp during the fourth quarter worth $1,328,000. Millennium Management LLC purchased a new position in Avidia Bancorp in the 4th quarter worth about $1,184,000. Commonwealth Equity Services LLC increased its stake in Avidia Bancorp by 29.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company's stock worth $1,157,000 after purchasing an additional 15,500 shares in the last quarter. State Street Corp raised its holdings in Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company's stock worth $927,000 after buying an additional 27,960 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Avidia Bancorp during the 4th quarter worth about $260,000.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVBC shares. Zacks Research raised Avidia Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Weiss Ratings raised Avidia Bancorp from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, May 1st. Finally, Seaport Research Partners reaffirmed a "buy" rating and set a $25.00 target price on shares of Avidia Bancorp in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy".

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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