Avidia Bancorp (NYSE:AVBC) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of Avidia Bancorp (NYSE:AVBC) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks reports.

Several other research firms have also recently weighed in on AVBC. Seaport Research Partners reiterated a “buy” rating and set a $25.00 price objective on shares of Avidia Bancorp in a report on Friday, July 24th. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Avidia Bancorp Price Performance

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

Avidia Bancorp (NYSE:AVBC) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.39 EPS for the quarter, topping 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 return on equity of 4.62% and a net margin of 11.51%. On average, equities research analysts forecast that Avidia Bancorp will post 1.44 earnings per share for the current 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 given a dividend of $0.06 per share. This is an increase from Avidia Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, August 18th. Avidia Bancorp’s payout ratio is currently 25.26%.

Insider Transactions at Avidia Bancorp

In other news, Chairman Michael Murphy bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $22.12 per share, with a total value of $110,600.00. Following the transaction, the chairman owned 6,850 shares in the company, valued at $151,522. This represents a 270.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Grimaldo bought 5,000 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was purchased at an average price of $22.02 per share, for a total transaction of $110,100.00. Following the purchase, the director directly owned 49,655 shares in the company, valued at approximately $1,093,403.10. This represents a 11.20% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 16,226 shares of company stock valued at $359,062 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in Avidia Bancorp by 254.9% in the first quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock valued at $852,000 after purchasing an additional 31,100 shares in the last quarter. Ancora Advisors LLC grew its stake in shares of Avidia Bancorp by 36.0% in the second quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock valued at $2,153,000 after buying an additional 27,160 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new position in Avidia Bancorp during the first quarter worth $399,000. Bank of America Corp DE raised its position in Avidia Bancorp by 217.5% during the first quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after acquiring an additional 18,163 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Avidia Bancorp in the 2nd quarter valued at about $372,000.

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.