Avidbank (NASDAQ:AVBH) Stock Bumped Up to “Strong-Buy” by Benchmark

Benchmark upgraded shares of Avidbank (NASDAQ:AVBH) to a strong-buy rating in a research note published on Wednesday morning,Zacks reports.

Several other analysts also recently issued reports on AVBH. Weiss Ratings upgraded Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Wall Street Zen raised shares of Avidbank from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Avidbank currently has a consensus rating of “Buy” and an average price target of $35.33.

Avidbank Stock Performance

Shares of AVBH stock opened at $31.20 on Wednesday. Avidbank has a 52 week low of $24.02 and a 52 week high of $34.17. The company has a market capitalization of $342.58 million, a price-to-earnings ratio of -16.25 and a beta of 0.33. The company has a 50-day simple moving average of $32.04 and a 200 day simple moving average of $30.87. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

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

Institutional Investors Weigh In On Avidbank

Large investors have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in shares of Avidbank in the 2nd quarter valued at approximately $439,000. Public Employees Retirement System of Ohio bought a new position in Avidbank in the second quarter valued at approximately $58,000. Bank of America Corp DE bought a new position in Avidbank in the second quarter valued at approximately $435,000. Hsbc Holdings PLC acquired a new position in Avidbank during the second quarter valued at approximately $301,000. Finally, Legal & General Group Plc acquired a new position in Avidbank during the second quarter valued at approximately $30,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.

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.