Avidbank (NASDAQ:AVBH) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Avidbank (NASDAQ:AVBH) from a buy rating to a hold rating in a research report sent to investors on Saturday.

Several other research firms have also commented on AVBH. Weiss Ratings raised shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. DA Davidson lifted their price objective on shares of Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Avidbank currently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Avidbank Trading Down 0.7%

Shares of NASDAQ:AVBH opened at $32.65 on Friday. Avidbank has a 12-month low of $23.50 and a 12-month high of $34.17. The business’s fifty day simple moving average is $32.43 and its 200-day simple moving average is $30.45. The company has a market capitalization of $358.50 million, a PE ratio of -17.01 and a beta of 0.33. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Avidbank (NASDAQ:AVBH) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.07). Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%.The company had revenue of $29.73 million for the quarter, compared to analysts’ expectations of $28.61 million. As a group, equities research analysts predict that Avidbank will post 3.39 earnings per share for the current fiscal year.

Institutional Trading of Avidbank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVBH. Legal & General Group Plc acquired a new position in shares of Avidbank in the second quarter valued at about $30,000. Quarry LP acquired a new stake in shares of Avidbank during the third quarter worth about $26,000. Kestra Advisory Services LLC purchased a new stake in Avidbank in the fourth quarter valued at approximately $36,000. Public Employees Retirement System of Ohio purchased a new stake in Avidbank in the second quarter valued at approximately $58,000. Finally, HighTower Advisors LLC increased its holdings in Avidbank by 25.1% in the 4th quarter. HighTower Advisors LLC now owns 12,444 shares of the company’s stock worth $331,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.