Avidia Bancorp (NYSE:AVBC) Stock Price Down 0.2% – Here’s Why

Avidia Bancorp, Inc. (NYSE:AVBC) shares fell 0.2% during mid-day trading on Thursday . The stock traded as low as $20.07 and last traded at $20.1730. Approximately 106,912 shares changed hands during trading, an increase of 54% from the average daily volume of 69,360 shares. The stock had previously closed at $20.21.

Analyst Ratings Changes

Separately, Weiss Ratings raised Avidia Bancorp from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

Avidia Bancorp Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $405.07 million and a P/E ratio of 36.02. The company has a 50-day simple moving average of $19.83.

Avidia Bancorp (NYSE:AVBC) last issued its quarterly earnings data on Monday, April 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.02. The company had revenue of $28.27 million during the quarter, compared to the consensus estimate of $28.11 million. Avidia Bancorp had a net margin of 9.47% and a return on equity of 4.31%. Research analysts expect that Avidia Bancorp, Inc. will post 1.31 earnings per share for the current fiscal year.

Avidia Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, May 19th. Avidia Bancorp’s dividend payout ratio is currently 35.71%.

Insider Activity

In other news, Director James N. Ball acquired 5,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was bought at an average price of $20.60 per share, with a total value of $103,000.00. Following the transaction, the director directly owned 50,000 shares in the company, valued at approximately $1,030,000. The trade was a 11.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas Doane purchased 2,040 shares of Avidia Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were acquired at an average price of $21.16 per share, with a total value of $43,166.40. Following the acquisition, the executive vice president directly owned 17,495 shares of the company’s stock, valued at $370,194.20. This trade represents a 13.20% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 17,261 shares of company stock valued at $349,794.

Hedge Funds Weigh In On Avidia Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC bought a new stake in shares of Avidia Bancorp during the 4th quarter worth about $1,184,000. Marshall Wace LLP bought a new stake in shares of Avidia Bancorp in the fourth quarter valued at approximately $1,328,000. State Street Corp grew its holdings in shares of Avidia Bancorp by 102.9% during the 4th quarter. State Street Corp now owns 55,122 shares of the company’s stock worth $927,000 after purchasing an additional 27,960 shares in the last quarter. Jane Street Group LLC acquired a new stake in Avidia Bancorp during the fourth quarter worth about $260,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of Avidia Bancorp by 29.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company’s stock worth $1,157,000 after acquiring an additional 15,500 shares in the last quarter.

About Avidia Bancorp

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.