Avidia Bancorp (NYSE:AVBC) Chairman Michael Dennis Murphy Buys 5,000 Shares

Avidia Bancorp, Inc. (NYSE:AVBC) Chairman Michael Murphy acquired 5,000 shares of Avidia Bancorp stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $22.12 per share, for a total transaction of $110,600.00. Following the completion of the transaction, the chairman directly owned 6,850 shares of the company’s stock, valued at approximately $151,522. This represents a 270.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avidia Bancorp Trading Up 1.7%

Avidia Bancorp stock opened at $22.29 on Thursday. The stock has a 50-day moving average price of $21.62 and a 200 day moving average price of $20.42. Avidia Bancorp, Inc. has a 52 week low of $14.31 and a 52 week high of $22.90. The stock has a market cap of $445.13 million and a PE ratio of 23.46. 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 (NYSE:AVBC) last announced its quarterly earnings data 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 business had revenue of $29.87 million for the quarter, compared to the consensus estimate of $28.79 million. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.62%. Equities research analysts predict 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. Stockholders of record on Tuesday, August 18th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, August 18th. This is a positive change from Avidia Bancorp’s previous quarterly dividend of $0.05. Avidia Bancorp’s payout ratio is currently 25.26%.

Hedge Funds Weigh In On Avidia Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in AVBC. Ancora Advisors LLC increased its holdings in Avidia Bancorp by 36.0% in the 2nd 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. Renaissance Technologies LLC lifted its stake in shares of 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 purchasing an additional 31,100 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Avidia Bancorp by 217.5% in the first quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after buying an additional 18,163 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Avidia Bancorp in the first quarter worth about $399,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Avidia Bancorp in the second quarter valued at about $372,000.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVBC shares. Weiss Ratings raised Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Zacks Research upgraded Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Seaport Research Partners reiterated a “buy” rating and set a $25.00 target price on shares of Avidia Bancorp in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy”.

About Avidia Bancorp

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.