Avidia Bancorp (NYSE:AVBC) Coverage Initiated by Analysts at Hovde Group

Hovde Group began coverage on shares of Avidia Bancorp (NYSE:AVBC) in a research report sent to investors on Monday, Marketbeat reports. The brokerage issued an outperform rating and a $26.00 price target on the stock.

A number of other research firms also recently issued reports on AVBC. Seaport Research Partners restated a “buy” rating and set a $25.00 price objective on shares of Avidia Bancorp in a report on Friday, July 24th. Weiss Ratings upgraded shares of Avidia Bancorp from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 1st. Finally, Zacks Research downgraded shares of Avidia Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. 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 company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.00.

Avidia Bancorp Stock Performance

Shares of Avidia Bancorp stock opened at $21.98 on Monday. The firm has a market capitalization of $438.84 million, a P/E ratio of 23.13 and a beta of -0.44. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The business’s fifty day simple moving average is $21.95 and its 200 day simple moving average is $20.69. Avidia Bancorp has a 12 month low of $14.31 and a 12 month high of $22.90.

Avidia Bancorp (NYSE:AVBC) last announced its earnings results 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. The firm had revenue of $29.87 million during the quarter, compared to analyst estimates of $28.79 million. Avidia Bancorp had a return on equity of 4.62% and a net margin of 11.51%. As a group, analysts anticipate that Avidia Bancorp will post 1.44 EPS for the current year.

Avidia Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were paid a $0.06 dividend. The ex-dividend date was Tuesday, August 18th. This is a boost from Avidia Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. Avidia Bancorp’s dividend payout ratio is presently 25.26%.

Insider Transactions at Avidia Bancorp

In other news, EVP Thomas Doane acquired 1,726 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average price of $22.31 per share, with a total value of $38,507.06. Following the acquisition, the executive vice president owned 19,422 shares in the company, valued at $433,304.82. The trade was a 9.75% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph F. Grimaldo acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was purchased at an average price of $22.02 per share, for a total transaction of $110,100.00. Following the completion of the purchase, the director directly owned 49,655 shares in the company, valued at $1,093,403.10. This trade represents a 11.20% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 16,226 shares of company stock worth $359,062 over the last quarter. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avidia Bancorp

Several institutional investors have recently added to or reduced their stakes in AVBC. Engineers Gate Manager LP raised its position in shares of Avidia Bancorp by 22.3% in the second quarter. Engineers Gate Manager LP now owns 15,420 shares of the company’s stock valued at $324,000 after purchasing an additional 2,813 shares during the period. Integrated Wealth Concepts LLC bought a new position in Avidia Bancorp in the 2nd quarter worth approximately $372,000. Bank of America Corp DE boosted its holdings 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 period. Deprince Race & Zollo Inc. purchased a new position in Avidia Bancorp in the 1st quarter valued at approximately $399,000. Finally, Ancora Advisors LLC grew its stake in Avidia Bancorp by 36.0% in the 2nd quarter. Ancora Advisors LLC now owns 102,550 shares of the company’s stock valued at $2,153,000 after buying an additional 27,160 shares in the last quarter.

Avidia Bancorp Company Profile

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.