Insider Buying: Avidia Bancorp (NYSE:AVBC) CFO Purchases 4,500 Shares

Avidia Bancorp, Inc. (NYSE:AVBC) CFO Jonathan Michael Nelson acquired 4,500 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was acquired at an average price of $22.19 per share, for a total transaction of $99,855.00. Following the purchase, the chief financial officer directly owned 19,045 shares of the company’s stock, valued at approximately $422,608.55. This trade represents a 30.94% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidia Bancorp Stock Performance

NYSE AVBC traded down $0.03 on Thursday, reaching $22.13. 239,063 shares of the company’s stock traded hands, compared to its average volume of 98,677. The firm has a market cap of $441.94 million and a price-to-earnings ratio of 23.29. The stock has a 50 day moving average price of $21.42 and a 200-day moving average price of $20.22. Avidia Bancorp, Inc. has a fifty-two week low of $14.31 and a fifty-two week high of $22.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05.

Avidia Bancorp (NYSE:AVBC) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.05. The company had revenue of $29.87 million for the quarter, compared to the consensus estimate of $28.79 million. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%. Equities research analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.1%. This is a positive change from Avidia Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, August 18th. Avidia Bancorp’s dividend payout ratio is 25.26%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AVBC. Seaport Research Partners reissued a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a report on Friday, July 24th. Weiss Ratings raised shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday. Finally, Zacks Research raised shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Hedge Funds Weigh In On Avidia Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System purchased a new stake in shares of Avidia Bancorp during the second quarter worth approximately $111,000. Renaissance Technologies LLC acquired a new stake in Avidia Bancorp during the 4th quarter worth $205,000. OMERS ADMINISTRATION Corp acquired a new stake in Avidia Bancorp during the 4th quarter worth $208,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Avidia Bancorp during the fourth quarter worth $227,000. Finally, Jane Street Group LLC purchased a new stake in shares of Avidia Bancorp during the fourth quarter worth $260,000.

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.