Renaissance Technologies LLC Grows Stock Position in Avidia Bancorp, Inc. $AVBC

Renaissance Technologies LLC boosted its holdings in Avidia Bancorp, Inc. (NYSE:AVBC) by 254.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,300 shares of the company’s stock after acquiring an additional 31,100 shares during the period. Renaissance Technologies LLC’s holdings in Avidia Bancorp were worth $852,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. OMERS ADMINISTRATION Corp acquired a new stake in Avidia Bancorp during the fourth quarter worth $208,000. Occudo Quantitative Strategies LP purchased a new position in shares of Avidia Bancorp during the 4th quarter worth $227,000. Jane Street Group LLC purchased a new position in shares of Avidia Bancorp during the 4th quarter worth $260,000. Commonwealth Equity Services LLC increased 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 purchasing an additional 15,500 shares during the last quarter. Finally, Deprince Race & Zollo Inc. acquired a new stake in shares of Avidia Bancorp during the 1st quarter worth about $399,000.

Insider Activity

In related news, CEO Robert D. Cozzone acquired 2,128 shares of the stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $18.80 per share, with a total value of $40,006.40. Following the completion of the transaction, the chief executive officer owned 67,357 shares in the company, valued at $1,266,311.60. This represents a 3.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders bought 2,647 shares of company stock valued at $49,809.

Avidia Bancorp Price Performance

Shares of NYSE:AVBC opened at $22.20 on Friday. 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 $445.84 million and a price-to-earnings ratio of 23.37. The stock’s 50-day simple moving average is $20.84. Avidia Bancorp, Inc. has a 1 year low of $14.31 and a 1 year high of $22.90.

Avidia Bancorp (NYSE:AVBC) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.05. Avidia Bancorp had a net margin of 11.51% and a return on equity of 4.65%. The business had revenue of $29.87 million for the quarter, compared to analysts’ expectations of $28.79 million. Analysts expect that Avidia Bancorp, Inc. will post 1.44 EPS for the current fiscal year.

Avidia Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 18th. This is a boost from Avidia Bancorp’s previous quarterly dividend of $0.05. Avidia Bancorp’s dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Seaport Research Partners reaffirmed a “buy” rating and issued a $25.00 target price on shares of Avidia Bancorp in a research report on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidia Bancorp in a research note on Wednesday, July 29th. Finally, Zacks Research raised Avidia Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Avidia Bancorp currently has a consensus rating of “Moderate Buy”.

Avidia Bancorp 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.