Michael Gilles Buys 2,000 Shares of Avidia Bancorp (NYSE:AVBC) Stock

Avidia Bancorp, Inc. (NYSE:AVBC) Director Michael Gilles purchased 2,000 shares of Avidia Bancorp stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average price of $19.04 per share, with a total value of $38,080.00. Following the transaction, the director owned 20,000 shares in the company, valued at $380,800. This represents a 11.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Avidia Bancorp Price Performance

NYSE AVBC traded up $0.33 on Thursday, hitting $22.56. 43,353 shares of the stock were exchanged, compared to its average volume of 85,440. Avidia Bancorp, Inc. has a 52-week low of $14.00 and a 52-week high of $22.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $453.00 million and a P/E ratio of 23.74. The business’s 50-day moving average price is $20.18.

Avidia Bancorp (NYSE:AVBC) last released 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. Avidia Bancorp had a return on equity of 4.65% and a net margin of 11.51%.The company had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. Equities analysts predict that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th will be paid a dividend of $0.06 per share. This is a boost from Avidia Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.24 annualized dividend and a yield of 1.1%. Avidia Bancorp’s dividend payout ratio (DPR) is presently 21.05%.

Institutional Investors Weigh In On Avidia Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in AVBC. Bank of America Corp DE lifted its holdings in shares of Avidia Bancorp by 217.5% during the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock valued at $521,000 after buying an additional 18,163 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Avidia Bancorp by 254.9% during the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock worth $852,000 after purchasing an additional 31,100 shares during the last quarter. Deprince Race & Zollo Inc. bought a new stake in Avidia Bancorp in the first quarter worth $399,000. Occudo Quantitative Strategies LP acquired a new position in Avidia Bancorp during the fourth quarter worth $227,000. Finally, Millennium Management LLC acquired a new position in Avidia Bancorp during the fourth quarter worth $1,184,000.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVBC. Zacks Research upgraded shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Seaport Research Partners reiterated a “buy” rating and issued a $25.00 target price on shares of Avidia Bancorp in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of Avidia Bancorp from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

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.