Avidia Bancorp (NYSE:AVBC) Director Sells $111,700.00 in Stock

Avidia Bancorp, Inc. (NYSE:AVBC) Director Micheal Neil Flanigan sold 5,000 shares of the stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $22.34, for a total transaction of $111,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Avidia Bancorp Stock Performance

AVBC stock traded down $0.12 during midday trading on Friday, reaching $21.89. 20,709 shares of the company’s stock traded hands, compared to its average volume of 105,498. Avidia Bancorp, Inc. has a 52-week low of $14.31 and a 52-week high of $22.90. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The stock has a market cap of $437.24 million, a P/E ratio of 23.05 and a beta of -0.44. The stock’s 50-day moving average is $21.93 and its 200 day moving average is $20.75.

Avidia Bancorp (NYSE:AVBC) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping 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 return on equity of 4.62% and a net margin of 11.51%. As a group, analysts anticipate that Avidia Bancorp, Inc. will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Engineers Gate Manager LP raised its position in Avidia Bancorp by 22.3% in the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company’s stock worth $324,000 after purchasing an additional 2,813 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp during the second quarter valued at about $372,000. Ancora Advisors LLC lifted its stake in Avidia Bancorp by 36.0% in the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock worth $2,153,000 after purchasing an additional 27,160 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Avidia Bancorp by 217.5% in the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after buying an additional 18,163 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Avidia Bancorp by 254.9% during the first 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVBC. Hovde Group initiated coverage on shares of Avidia Bancorp in a report on Monday. They set an “outperform” rating and a $26.00 target price for the company. Weiss Ratings upgraded Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Seaport Research Partners reissued a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a research note on Friday, July 24th. Finally, Zacks Research downgraded shares of Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $26.00.

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.