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

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

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

Avidia Bancorp Stock Down 0.5%

Shares of NYSE:AVBC opened at $21.81 on Monday. Avidia Bancorp has a 52-week low of $14.31 and a 52-week high of $22.90. The firm has a fifty day moving average of $21.75 and a 200 day moving average of $20.52. The firm has a market capitalization of $435.47 million and a PE ratio of 22.95. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.05.

Avidia Bancorp (NYSE:AVBC) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The firm had revenue of $29.87 million during the quarter, compared to analysts’ expectations of $28.79 million. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%. As a group, research analysts anticipate that Avidia Bancorp will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Thomas Doane acquired 1,726 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were purchased at an average price of $22.31 per share, for a total transaction of $38,507.06. Following the completion of the acquisition, 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. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jonathan Nelson bought 4,500 shares of the stock in a transaction dated Thursday, September 3rd. The stock was bought at an average cost of $22.19 per share, with a total value of $99,855.00. Following the purchase, the chief financial officer owned 19,045 shares in the company, valued at $422,608.55. The trade was a 30.94% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 16,226 shares of company stock valued at $359,062 over the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Avidia Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP boosted its stake in shares of Avidia Bancorp by 22.3% during the second quarter. Engineers Gate Manager LP now owns 15,420 shares of the company’s stock valued at $324,000 after purchasing an additional 2,813 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Avidia Bancorp in the second quarter worth $372,000. Ancora Advisors LLC increased 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 worth $2,153,000 after buying an additional 27,160 shares during the period. Bank of America Corp DE raised its holdings 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 buying an additional 18,163 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Avidia Bancorp by 254.9% during the 1st quarter. Renaissance Technologies LLC now owns 43,300 shares of the company’s stock valued at $852,000 after buying an additional 31,100 shares during the last quarter.

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.