Avidbank (NASDAQ:AVBH) Issues Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Avidbank (NASDAQ:AVBH) issued its quarterly earnings results on Thursday. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.07), FiscalAI reports. The company had revenue of $29.73 million during the quarter, compared to analyst estimates of $28.61 million. Avidbank had a negative net margin of 10.20% and a positive return on equity of 10.88%.

Avidbank Trading Up 0.2%

NASDAQ AVBH opened at $31.86 on Friday. The stock has a market capitalization of $348.87 million, a P/E ratio of -16.95 and a beta of 0.33. Avidbank has a 52-week low of $21.25 and a 52-week high of $34.17. The firm has a 50-day moving average price of $31.66 and a 200 day moving average price of $29.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Avidbank

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Avidbank during the 3rd quarter worth approximately $26,000. Kestra Advisory Services LLC acquired a new stake in shares of Avidbank in the 4th quarter valued at approximately $36,000. Wells Fargo & Company MN purchased a new stake in shares of Avidbank in the fourth quarter valued at approximately $86,000. Barclays PLC purchased a new stake in shares of Avidbank in the fourth quarter valued at approximately $123,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Avidbank in the third quarter valued at approximately $207,000. Hedge funds and other institutional investors own 15.87% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AVBH. Weiss Ratings downgraded Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 17th. DA Davidson upped their price target on Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Finally, Piper Sandler decreased their price target on Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

About Avidbank

Avidbank Holdings, Inc operates as a bank holding company for Avidbank that provides financial products and services to small and middle-market businesses, professionals, and individuals in the Santa Clara, San Mateo, and San Francisco counties. It offers business and personal deposit products, such as checking, money market, and savings accounts; and certificates of deposit. The company also provides personal lending products include secured and unsecured lines of credit, home equity lines of credit, remodel and new home construction loans, and term loans; corporate banking comprises working capital lines of credit, equipment loans, acquisition financing, shareholder buyouts, ESOP loans, and owner-occupied real estate loans; and commercial real estate lending, such as permanent loans and bridge financing products.