Avidia Bancorp (NYSE:AVBC) Posts Earnings Results, Beats Estimates By $0.05 EPS

Avidia Bancorp (NYSE:AVBC) announced its quarterly earnings data on Thursday. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05, Zacks reports. Avidia Bancorp had a return on equity of 4.31% and a net margin of 9.47%.

Avidia Bancorp Price Performance

Shares of NYSE:AVBC traded up $0.07 during trading on Thursday, hitting $20.30. 64,983 shares of the company’s stock were exchanged, compared to its average volume of 85,134. The firm has a 50-day moving average of $19.92. The firm has a market capitalization of $407.64 million and a P/E ratio of 36.25. Avidia Bancorp has a 52-week low of $14.00 and a 52-week high of $21.64. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.08.

Insider Buying and Selling

In related news, EVP Thomas Doane acquired 2,040 shares of Avidia Bancorp stock in a transaction dated Tuesday, April 28th. The shares were purchased at an average price of $21.16 per share, for a total transaction of $43,166.40. Following the completion of the transaction, the executive vice president directly owned 17,495 shares in the company, valued at approximately $370,194.20. This represents a 13.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicolas Karmelek acquired 1,220 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were bought at an average cost of $20.76 per share, with a total value of $25,327.20. Following the acquisition, the executive vice president directly owned 7,705 shares in the company, valued at approximately $159,955.80. The trade was a 18.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 17,261 shares of company stock worth $349,794 in the last quarter.

Institutional Trading of Avidia Bancorp

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Avidia Bancorp in the fourth quarter valued at $205,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Avidia Bancorp in the 4th quarter worth $208,000. Occudo Quantitative Strategies LP bought a new stake in shares of Avidia Bancorp in the 4th quarter worth about $227,000. Jane Street Group LLC bought a new stake in shares of Avidia Bancorp in the 4th quarter worth about $260,000. Finally, State Street Corp raised its position in shares of Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company’s stock valued at $927,000 after buying an additional 27,960 shares in the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded 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 Sell rating, Based on data from MarketBeat.com, Avidia Bancorp has an average rating of “Sell”.

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.