Insider Buying: Avidia Bancorp (NYSE:AVBC) CFO Purchases $99,855.00 in Stock

Avidia Bancorp, Inc. (NYSE:AVBC) CFO Jonathan Michael Nelson acquired 4,500 shares of Avidia Bancorp stock in a transaction on Thursday, September 3rd. The shares were bought at an average price of $22.19 per share, for a total transaction of $99,855.00. Following the purchase, the chief financial officer owned 19,045 shares of the company’s stock, valued at $422,608.55. This represents a 30.94% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Avidia Bancorp Price Performance

Shares of NYSE AVBC opened at $22.14 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.05 and a quick ratio of 1.05. Avidia Bancorp, Inc. has a 1-year low of $14.31 and a 1-year high of $22.90. The company has a market capitalization of $442.14 million and a price-to-earnings ratio of 23.31. The business has a 50-day moving average of $21.45 and a 200-day moving average of $20.24.

Avidia Bancorp (NYSE:AVBC) last released its quarterly earnings results on Monday, July 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. The firm had revenue of $29.87 million for 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%. On average, equities analysts anticipate that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System acquired a new stake in shares of Avidia Bancorp in the 2nd quarter valued at about $111,000. Renaissance Technologies LLC acquired a new position in Avidia Bancorp in the fourth quarter worth about $205,000. OMERS ADMINISTRATION Corp bought a new stake in Avidia Bancorp in the fourth quarter valued at about $208,000. Occudo Quantitative Strategies LP bought a new stake in Avidia Bancorp in the fourth quarter valued at about $227,000. Finally, Jane Street Group LLC acquired a new stake in Avidia Bancorp during the fourth quarter valued at approximately $260,000.

Analysts Set New Price Targets

Several research firms recently issued reports on AVBC. Seaport Research Partners reaffirmed a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a research note on Friday, July 24th. Zacks Research upgraded Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Finally, Weiss Ratings raised Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus 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.