Insider Buying: Avidia Bancorp (NYSE:AVBC) EVP Acquires 1,000 Shares of Stock

Key Points

• EVP Barry Jensen bought 1,000 Avidia shares on April 29 at $20.30 each (total $20,300), increasing his holding to 40,000 shares—a 2.56% rise—per an SEC filing.
• Avidia trades near $20.77 with a market cap of about $416.9M and a P/E of 37.09; the company reported an EPS beat ($0.32 vs. $0.30), announced a $0.05 quarterly dividend (1.0% yield), but consensus analyst coverage is a "Sell".

Avidia Bancorp, Inc. (NYSE:AVBC - Get Free Report) EVP Barry Jensen purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, April 29th. The stock was acquired at an average price of $20.30 per share, for a total transaction of $20,300.00. Following the acquisition, the executive vice president directly owned 40,000 shares of the company's stock, valued at $812,000. This trade represents a 2.56% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Avidia Bancorp Price Performance

NYSE AVBC traded up $0.32 during mid-day trading on Thursday, hitting $20.77. The company's stock had a trading volume of 29,051 shares, compared to its average volume of 73,101. Avidia Bancorp, Inc. has a 52-week low of $14.00 and a 52-week high of $21.43. The company has a fifty day moving average price of $19.59. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The stock has a market cap of $416.94 million and a price-to-earnings ratio of 37.09.

Avidia Bancorp (NYSE:AVBC - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.32 EPS for the quarter, beating 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 firm had revenue of $28.27 million for the quarter, compared to analyst estimates of $28.11 million. On average, equities analysts forecast that Avidia Bancorp, Inc. will post 1.31 earnings per share for the current fiscal year.

Avidia Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Avidia Bancorp's dividend payout ratio (DPR) is currently 35.71%.

Analyst Upgrades and Downgrades

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

Institutional Trading of Avidia Bancorp

A number of hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in shares of Avidia Bancorp during the fourth quarter valued at approximately $1,328,000. Millennium Management LLC bought a new stake in shares of Avidia Bancorp in the fourth quarter worth $1,184,000. Commonwealth Equity Services LLC increased its stake 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 worth $1,157,000 after buying an additional 15,500 shares during the last quarter. State Street Corp increased its stake 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 worth $927,000 after buying an additional 27,960 shares during the last quarter. Finally, Deprince Race & Zollo Inc. bought a new stake in shares of Avidia Bancorp in the first quarter worth $399,000.

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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