Short Interest in Avidia Bancorp, Inc. (NYSE:AVBC) Grows By 314.9%

Avidia Bancorp, Inc. (NYSE:AVBC) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 308,554 shares, an increase of 314.9% from the June 15th total of 74,361 shares. Based on an average trading volume of 334,618 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.5% of the shares of the stock are sold short.

Insider Buying and Selling

In other news, CEO Robert D. Cozzone purchased 2,128 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $18.80 per share, with a total value of $40,006.40. Following the purchase, the chief executive officer directly owned 67,357 shares of the company’s stock, valued at approximately $1,266,311.60. This trade represents a 3.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael Dennis Murphy acquired 1,850 shares of Avidia Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were purchased at an average cost of $20.94 per share, for a total transaction of $38,739.00. Following the purchase, the chairman directly owned 1,850 shares of the company’s stock, valued at approximately $38,739. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 17,261 shares of company stock worth $349,794 in the last 90 days.

Institutional Trading of Avidia Bancorp

Several institutional investors have recently made changes to their positions in AVBC. Bank of America Corp DE boosted its holdings in Avidia Bancorp by 217.5% in the first quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock valued at $521,000 after acquiring an additional 18,163 shares during the last quarter. Renaissance Technologies LLC increased its stake in Avidia Bancorp by 254.9% during the first quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock worth $852,000 after acquiring an additional 31,100 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in Avidia Bancorp during the first quarter worth about $399,000. Occudo Quantitative Strategies LP purchased a new position in shares of Avidia Bancorp in the 4th quarter worth about $227,000. Finally, Millennium Management LLC purchased a new position in shares of Avidia Bancorp in the 4th quarter worth about $1,184,000.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Avidia Bancorp from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Avidia Bancorp Trading Up 1.6%

Shares of NYSE AVBC traded up $0.33 on Tuesday, reaching $20.66. 9,601 shares of the company traded hands, compared to its average volume of 86,625. The company has a market capitalization of $414.75 million and a PE ratio of 36.88. Avidia Bancorp has a fifty-two week low of $14.00 and a fifty-two week high of $21.64. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average is $19.85.

Avidia Bancorp (NYSE:AVBC) last released its earnings results on Monday, April 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.02. Avidia Bancorp had a net margin of 9.47% and a return on equity of 4.31%. The business had revenue of $28.27 million for the quarter, compared to analysts’ expectations of $28.11 million. As a group, research analysts expect that Avidia Bancorp will post 1.31 earnings per share for the current year.

Avidia Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Tuesday, May 19th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, May 19th. Avidia Bancorp’s dividend payout ratio (DPR) is 35.71%.

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.