Avidia Bancorp (NYSE:AVBC) Issues Quarterly Earnings Results

Avidia Bancorp (NYSE:AVBC) announced its quarterly earnings data on Thursday. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.09, Zacks reports. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%.

Avidia Bancorp Price Performance

Shares of Avidia Bancorp stock traded up $0.11 during trading on Thursday, reaching $22.31. 112,808 shares of the company’s stock were exchanged, compared to its average volume of 105,536. 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 has a 1-year low of $14.53 and a 1-year high of $22.90. The company has a market cap of $445.45 million, a P/E ratio of 23.48 and a beta of -0.44. The firm’s 50-day moving average price is $22.00 and its 200 day moving average price is $20.92.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings raised Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Seaport Research Partners reissued a “buy” rating and issued a $25.00 target price on shares of Avidia Bancorp in a report on Friday, July 24th. Zacks Research lowered shares of Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Finally, Hovde Group started coverage on shares of Avidia Bancorp in a research report on Monday, October 5th. They issued an “outperform” rating and a $26.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Avidia Bancorp has a consensus rating of “Hold” and an average price target of $26.00.

Insiders Place Their Bets

In related news, EVP Thomas Doane acquired 1,726 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was acquired at an average cost of $22.31 per share, for a total transaction of $38,507.06. Following the transaction, the executive vice president directly owned 19,422 shares in the company, valued at $433,304.82. This trade represents a 9.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jonathan Nelson bought 4,500 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was bought at an average price of $22.19 per share, for a total transaction of $99,855.00. Following the transaction, the chief financial officer directly owned 19,045 shares of the company’s stock, valued at approximately $422,608.55. This represents a 30.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 16,226 shares of company stock valued at $359,062 over the last ninety days. 3.40% of the stock is owned by insiders.

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’s products and services include checking and savings accounts, certificates of deposit, residential and consumer loans, mortgages, home equity financing, commercial real estate lending and business loans.