Avidia Bancorp (NYSE:AVBC) Releases Earnings Results, Beats Expectations By $0.05 EPS

Avidia Bancorp (NYSE:AVBC) posted its earnings results on Thursday. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05, Zacks reports. Avidia Bancorp had a net margin of 9.47% and a return on equity of 4.31%.

Avidia Bancorp Trading Up 0.4%

NYSE AVBC traded up $0.07 during mid-day trading on Thursday, reaching $20.30. 64,983 shares of the company’s stock traded hands, compared to its average volume of 85,134. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.61. Avidia Bancorp has a 1-year low of $14.00 and a 1-year high of $21.64. The firm’s fifty day simple moving average is $19.92. The stock has a market capitalization of $407.64 million and a P/E ratio of 36.25.

Wall Street Analysts Forecast Growth

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”.

Insider Activity at Avidia Bancorp

In related news, Chairman Michael Dennis Murphy acquired 1,850 shares of Avidia Bancorp stock in a transaction on Tuesday, April 28th. The shares were purchased at an average cost of $20.94 per share, for a total transaction of $38,739.00. Following the purchase, the chairman directly owned 1,850 shares of the company’s stock, valued at $38,739. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicolas Karmelek purchased 1,220 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was purchased at an average price of $20.76 per share, with a total value of $25,327.20. Following the completion of the purchase, the executive vice president directly owned 7,705 shares of the company’s stock, valued at approximately $159,955.80. This represents a 18.81% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 17,261 shares of company stock worth $349,794.

Institutional Trading of Avidia Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC bought a new position in Avidia Bancorp in the fourth quarter worth about $205,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Avidia Bancorp during the 4th quarter worth approximately $208,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Avidia Bancorp during the 4th quarter worth approximately $227,000. Jane Street Group LLC acquired a new position in Avidia Bancorp during the 4th quarter valued at approximately $260,000. Finally, Commonwealth Equity Services LLC boosted its position in Avidia Bancorp by 29.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company’s stock valued at $1,157,000 after purchasing an additional 15,500 shares during the period.

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.