Insider Buying: Avidia Bancorp (NYSE:AVBC) Chairman Buys $110,600.00 in Stock

Avidia Bancorp, Inc. (NYSE:AVBCGet Free Report) Chairman Michael Murphy bought 5,000 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was acquired at an average price of $22.12 per share, for a total transaction of $110,600.00. Following the transaction, the chairman owned 6,850 shares of the company’s stock, valued at approximately $151,522. The trade was a 270.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Avidia Bancorp Stock Up 1.5%

Shares of NYSE AVBC opened at $22.52 on Friday. The company has a market cap of $449.82 million and a price-to-earnings ratio of 23.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. Avidia Bancorp, Inc. has a 12 month low of $14.31 and a 12 month high of $22.90. The stock has a 50-day moving average price of $21.69 and a two-hundred day moving average price of $20.46.

Avidia Bancorp (NYSE:AVBCGet Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. The company had revenue of $29.87 million for 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 4.62%. As a group, analysts forecast that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.

Avidia Bancorp Increases Dividend

The company also recently disclosed 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 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. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. Avidia Bancorp’s dividend payout ratio (DPR) is 25.26%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Engineers Gate Manager LP grew its position in shares of Avidia Bancorp by 22.3% in the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company’s stock valued at $324,000 after buying an additional 2,813 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp in the second quarter valued at approximately $372,000. Deprince Race & Zollo Inc. acquired a new stake in Avidia Bancorp during the 1st quarter valued at approximately $399,000. Bank of America Corp DE raised its holdings in Avidia Bancorp by 217.5% during the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after purchasing an additional 18,163 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Avidia Bancorp by 254.9% in the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock valued at $852,000 after purchasing an additional 31,100 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have commented on AVBC shares. 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. Weiss Ratings upgraded Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. Finally, Zacks Research raised Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Get Our Latest Analysis on Avidia Bancorp

About Avidia Bancorp

(Get Free Report)

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 offers deposit products such as checking, savings, money market and certificate accounts, along with residential mortgages, home equity loans, consumer credit and commercial lending. Its business banking services include commercial real estate financing, business loans, cash management and other treasury services.

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Insider Buying and Selling by Quarter for Avidia Bancorp (NYSE:AVBC)

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