Avidbank (NASDAQ:AVBH) Stock Rating Lowered by Wall Street Zen

Avidbank (NASDAQ:AVBH) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday, Wall Street Zen reports.

AVBH has been the subject of a number of other research reports. Benchmark raised shares of Avidbank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Weiss Ratings lowered shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. One 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 MarketBeat, Avidbank has a consensus rating of “Buy” and a consensus target price of $35.33.

Avidbank Price Performance

Avidbank stock opened at $31.41 on Friday. The company’s fifty day moving average price is $32.01 and its 200 day moving average price is $30.91. Avidbank has a 1 year low of $24.02 and a 1 year high of $34.17. The stock has a market capitalization of $344.88 million, a P/E ratio of -16.36 and a beta of 0.33. 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 issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.07). The company had revenue of $29.73 million during the quarter, compared to analysts’ expectations of $28.61 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%. As a group, equities research analysts anticipate that Avidbank will post 3.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidbank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in shares of Avidbank in the second quarter valued at about $30,000. Public Employees Retirement System of Ohio purchased a new position in shares of Avidbank in the second quarter worth about $58,000. Bank of New York Mellon Corp acquired a new position in Avidbank during the first quarter worth about $207,000. Bank of America Corp DE boosted its position in Avidbank by 314.7% during the first quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock worth $215,000 after acquiring an additional 5,730 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in Avidbank during the 2nd quarter valued at about $298,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.