Short Interest in Avidia Bancorp, Inc. (NYSE:AVBC) Expands By 314.9%

Avidia Bancorp, Inc. (NYSE:AVBC) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 308,554 shares, a growth of 314.9% from the June 15th total of 74,361 shares. Based on an average daily volume of 334,618 shares, the days-to-cover ratio is currently 0.9 days. Currently, 1.5% of the company’s shares are sold short.

Analyst Ratings Changes

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 analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Insider Activity

In other Avidia Bancorp news, EVP Thomas Doane purchased 2,040 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were purchased at an average price of $21.16 per share, for a total transaction of $43,166.40. Following the completion of the acquisition, the executive vice president owned 17,495 shares of the company’s stock, valued at approximately $370,194.20. This represents a 13.20% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael Dennis Murphy acquired 1,850 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was acquired at an average cost of $20.94 per share, with a total value of $38,739.00. Following the transaction, the chairman directly owned 1,850 shares of the company’s stock, valued at approximately $38,739. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 17,261 shares of company stock worth $349,794.

Institutional Investors Weigh In On Avidia Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in shares of Avidia Bancorp in the 4th quarter valued at about $205,000. Commonwealth Equity Services LLC grew its stake in Avidia Bancorp by 29.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 68,844 shares of the company’s stock worth $1,157,000 after purchasing an additional 15,500 shares in the last quarter. Jane Street Group LLC bought a new stake in Avidia Bancorp in the fourth quarter valued at about $260,000. State Street Corp increased its holdings in Avidia Bancorp by 102.9% in the fourth quarter. State Street Corp now owns 55,122 shares of the company’s stock valued at $927,000 after buying an additional 27,960 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Avidia Bancorp during the fourth quarter valued at approximately $1,328,000.

Avidia Bancorp Trading Down 0.5%

AVBC stock traded down $0.10 during midday trading on Monday, hitting $20.37. 42,543 shares of the company’s stock were exchanged, compared to its average volume of 189,577. The business has a 50 day moving average of $19.85. Avidia Bancorp has a 12-month low of $14.00 and a 12-month high of $21.64. The firm has a market capitalization of $409.07 million and a PE ratio of 36.38. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.61.

Avidia Bancorp (NYSE:AVBC) last released its earnings results on Monday, April 27th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $28.27 million during the quarter, compared to analysts’ expectations of $28.11 million. Avidia Bancorp had a return on equity of 4.31% and a net margin of 9.47%. On average, sell-side analysts forecast that Avidia Bancorp will post 1.31 EPS for the current fiscal year.

Avidia Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders 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 yield of 1.0%. The ex-dividend date was Tuesday, May 19th. Avidia Bancorp’s dividend payout ratio is 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.