Zacks Research Downgrades Avidia Bancorp (NYSE:AVBC) to Hold

Avidia Bancorp (NYSE:AVBC) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Other research analysts also recently issued research reports about the company. Weiss Ratings upgraded Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Seaport Research Partners restated a “buy” rating and set a $25.00 price target on shares of Avidia Bancorp in a research report on Friday, July 24th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce”.

Avidia Bancorp Price Performance

Avidia Bancorp stock opened at $21.81 on Monday. The stock’s 50 day moving average is $21.75 and its 200-day moving average is $20.52. Avidia Bancorp has a 12 month low of $14.31 and a 12 month high of $22.90. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $435.47 million and a price-to-earnings ratio of 22.95.

Avidia Bancorp (NYSE:AVBC) last announced its earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.05. The business had revenue of $29.87 million during 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%. Equities research analysts expect that Avidia Bancorp will post 1.44 EPS for the current year.

Insider Activity at Avidia Bancorp

In related news, Director Joseph Grimaldo bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were acquired at an average cost of $22.02 per share, with a total value of $110,100.00. Following the completion of the purchase, the director directly owned 49,655 shares of the company’s stock, valued at $1,093,403.10. This trade represents a 11.20% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Thomas Doane purchased 1,726 shares of the business’s stock in a transaction on Monday, August 17th. The stock was bought at an average cost of $22.31 per share, with a total value of $38,507.06. Following the purchase, the executive vice president owned 19,422 shares in the company, valued at approximately $433,304.82. This represents a 9.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 16,226 shares of company stock valued at $359,062. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Avidia Bancorp

A number of large investors have recently modified their holdings of the company. Engineers Gate Manager LP lifted its position in Avidia Bancorp by 22.3% during the 2nd quarter. Engineers Gate Manager LP now owns 15,420 shares of the company’s stock valued at $324,000 after acquiring an additional 2,813 shares during the period. Integrated Wealth Concepts LLC bought a new position in Avidia Bancorp in the 2nd quarter valued at approximately $372,000. Ancora Advisors LLC boosted its stake in Avidia Bancorp by 36.0% during 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 during the last quarter. Bank of America Corp DE boosted its stake in Avidia Bancorp by 217.5% during the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock valued at $521,000 after purchasing an additional 18,163 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Avidia Bancorp by 254.9% in the 1st 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.

Avidia Bancorp Company Profile

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.