Avidia Bancorp, Inc. (NYSE:AVBC) Short Interest Update

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 company’s shares are sold short.

Insider Buying and Selling

In other Avidia Bancorp news, EVP Nicolas Karmelek purchased 1,220 shares of the stock in a transaction dated Tuesday, April 28th. The stock was acquired at an average cost of $20.76 per share, for a total transaction of $25,327.20. Following the acquisition, the executive vice president owned 7,705 shares in the company, valued at $159,955.80. This trade represents a 18.81% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert D. Cozzone acquired 2,128 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $18.80 per share, with a total value of $40,006.40. Following the completion of the transaction, the chief executive officer directly owned 67,357 shares in the company, valued at approximately $1,266,311.60. The trade was a 3.26% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 17,261 shares of company stock valued at $349,794.

Institutional Investors Weigh In On Avidia Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new position in Avidia Bancorp during the 4th quarter valued at about $205,000. OMERS ADMINISTRATION Corp purchased a new stake in Avidia Bancorp during the fourth quarter worth about $208,000. Occudo Quantitative Strategies LP purchased a new stake in Avidia Bancorp during the fourth quarter worth about $227,000. Jane Street Group LLC acquired a new stake in shares of Avidia Bancorp during the fourth quarter worth about $260,000. Finally, Deprince Race & Zollo Inc. acquired a new stake in shares of Avidia Bancorp during the first quarter worth about $399,000.

Analysts Set New Price Targets

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

Avidia Bancorp Price Performance

Shares of NYSE:AVBC traded down $0.10 during mid-day trading on Monday, reaching $20.37. 42,543 shares of the company were exchanged, compared to its average volume of 189,577. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $409.07 million and a price-to-earnings ratio of 36.38. The company has a 50-day moving average price of $19.85. Avidia Bancorp has a 1 year low of $14.00 and a 1 year high of $21.64.

Avidia Bancorp (NYSE:AVBC) last posted its earnings results on Monday, April 27th. The company reported $0.32 earnings per share for the quarter, beating 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 firm had revenue of $28.27 million during the quarter, compared to the consensus estimate of $28.11 million. On average, research analysts forecast that Avidia Bancorp will post 1.31 earnings per share for the current fiscal year.

Avidia Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Tuesday, May 19th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. Avidia Bancorp’s payout ratio is presently 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.