Avidbank Holdings Inc. (NASDAQ:AVBH) Receives Average Rating of “Buy” from Brokerages

Shares of Avidbank Holdings Inc. (NASDAQ:AVBH) have earned an average recommendation of “Buy” from the five brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $35.33.

Several research analysts have recently weighed in on AVBH shares. Benchmark upgraded shares of Avidbank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wall Street Zen downgraded shares of Avidbank from a “buy” rating to a “hold” rating in a research note on Sunday, September 27th. Finally, Weiss Ratings cut Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, September 25th.

Institutional Trading of Avidbank

A number of hedge funds have recently made changes to their positions in the business. Legal & General Group Plc acquired a new position in shares of Avidbank during the 2nd quarter worth approximately $30,000. Public Employees Retirement System of Ohio bought a new stake in Avidbank in the 2nd quarter valued at $58,000. Bank of New York Mellon Corp acquired a new stake in Avidbank during the 1st quarter valued at $207,000. Bank of America Corp DE lifted its holdings in Avidbank by 314.7% during the 1st quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock valued at $215,000 after purchasing an additional 5,730 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Avidbank during the second quarter worth $298,000. 15.87% of the stock is owned by institutional investors and hedge funds.

Avidbank Price Performance

NASDAQ:AVBH opened at $30.94 on Friday. Avidbank has a 1-year low of $24.02 and a 1-year high of $34.17. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a fifty day simple moving average of $31.95 and a 200 day simple moving average of $30.99. The stock has a market capitalization of $339.72 million, a PE ratio of -16.11 and a beta of 0.33.

Avidbank (NASDAQ:AVBH) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.07). The firm had revenue of $29.73 million for the quarter, compared to the consensus estimate of $28.61 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%. On average, research analysts expect that Avidbank will post 3.39 EPS for the current fiscal year.

Avidbank Company Profile

Avidbank is a commercial bank headquartered in San Jose, California, and the principal banking subsidiary of Avidbank Holdings, Inc The bank focuses on serving businesses, entrepreneurs, professionals and their owners through relationship-based banking and customized financial solutions.

Avidbank provides commercial lending, commercial real estate financing, asset-based lending, venture and technology banking solutions, and other business credit products. Its deposit offerings include business checking and savings accounts, money market accounts and certificates of deposit.