Michael Dennis Murphy Purchases 5,000 Shares of Avidia Bancorp (NYSE:AVBC) Stock

Avidia Bancorp, Inc. (NYSE:AVBC) Chairman Michael Murphy purchased 5,000 shares of Avidia Bancorp stock in a transaction dated Monday, September 14th. The shares were purchased at an average price of $22.12 per share, with a total value of $110,600.00. Following the completion of the transaction, the chairman directly owned 6,850 shares in the company, valued at approximately $151,522. This represents a 270.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link.

Avidia Bancorp Trading Down 0.3%

Avidia Bancorp stock opened at $22.22 on Friday. 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, Inc. has a fifty-two week low of $14.31 and a fifty-two week high of $22.90. The stock has a market cap of $443.73 million and a P/E ratio of 23.39. The firm’s fifty day moving average price is $21.65 and its 200-day moving average price is $20.45.

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, beating the consensus estimate of $0.34 by $0.05. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.The company had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. Equities research analysts forecast that Avidia Bancorp, Inc. will post 1.44 earnings per share for the current fiscal year.

Avidia Bancorp Increases Dividend

The firm also recently declared 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 a boost from Avidia Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, August 18th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.1%. Avidia Bancorp’s dividend payout ratio is 25.26%.

Analysts Set New Price Targets

Several research analysts recently weighed in on AVBC shares. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, September 1st. Zacks Research upgraded shares of Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Finally, Seaport Research Partners reissued a “buy” rating and issued a $25.00 price target on shares of Avidia Bancorp in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Avidia Bancorp

A number of large investors have recently added to or reduced their stakes in AVBC. Ancora Advisors LLC boosted its holdings in shares of Avidia Bancorp by 36.0% in the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock worth $2,153,000 after purchasing an additional 27,160 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of 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 in the last quarter. Engineers Gate Manager LP raised its holdings in shares of 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 buying an additional 2,813 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Avidia Bancorp in the 2nd quarter worth approximately $372,000. Finally, Bank of America Corp DE lifted its position in Avidia Bancorp by 217.5% in the 1st quarter. Bank of America Corp DE now owns 26,512 shares of the company’s stock worth $521,000 after buying an additional 18,163 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.