Joseph Grimaldo Acquires 5,000 Shares of Avidia Bancorp (NYSE:AVBC) Stock

Avidia Bancorp, Inc. (NYSE:AVBC) Director Joseph Grimaldo acquired 5,000 shares of Avidia Bancorp stock in a transaction dated Wednesday, August 26th. The shares were purchased at an average price of $22.02 per share, with a total value of $110,100.00. Following the acquisition, the director owned 49,655 shares of the company’s stock, valued at approximately $1,093,403.10. This trade represents a 11.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Avidia Bancorp Trading Down 0.1%

Shares of NYSE AVBC opened at $22.14 on Friday. The company has a market capitalization of $442.14 million and a price-to-earnings ratio of 23.31. The business’s 50 day moving average price is $21.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05. Avidia Bancorp, Inc. has a 1-year low of $14.31 and a 1-year high of $22.90.

Avidia Bancorp (NYSE:AVBC) last released 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. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.The business had revenue of $29.87 million during the quarter, compared to the consensus estimate of $28.79 million. Analysts forecast that Avidia Bancorp, Inc. will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th were given a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This is a boost 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 (DPR) is presently 25.26%.

Hedge Funds Weigh In On Avidia Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Ancora Advisors LLC boosted its stake in shares of Avidia Bancorp by 36.0% during the second quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock valued at $2,153,000 after purchasing an additional 27,160 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Avidia Bancorp in the fourth quarter valued at approximately $1,328,000. Millennium Management LLC bought a new position in Avidia Bancorp in the 4th quarter valued at approximately $1,184,000. Commonwealth Equity Services LLC raised its holdings in Avidia Bancorp by 29.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company’s stock valued at $1,157,000 after buying an additional 15,500 shares during the last quarter. Finally, State Street Corp boosted its position in Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company’s stock worth $927,000 after buying an additional 27,960 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVBC. Zacks Research raised shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidia Bancorp in a research report on Wednesday, July 29th. Finally, Seaport Research Partners reissued a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

About Avidia Bancorp

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.