Avidbank (NASDAQ:AVBH) Stock Price Target Raised at DA Davidson

Key Points

• DA Davidson raised Avidbank’s price target to $40 from $38 and maintained a “Buy” rating, implying approximately 19% upside from the prior close.
• Avidbank reported quarterly EPS of $0.94, beating the $0.87 consensus estimate, while revenue of $30.37 million also exceeded expectations.
• Shares rose 2.5% to $33.62, and analyst sentiment remains favorable overall, with a consensus “Buy” rating and an average target price of $36.67.

Avidbank (NASDAQ:AVBH - Get Free Report) had its price target hoisted by research analysts at DA Davidson from $38.00 to $40.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. DA Davidson's target price would suggest a potential upside of 18.99% from the stock's previous close.

A number of other research analysts also recently commented on AVBH. Weiss Ratings downgraded shares of Avidbank from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, September 25th. Wall Street Zen raised shares of Avidbank from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Benchmark upgraded shares of Avidbank to a "strong-buy" rating in a research note on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Avidbank presently has an average rating of "Buy" and a consensus target price of $36.67.

Avidbank Stock Up 2.5%

AVBH stock traded up $0.81 during mid-day trading on Wednesday, reaching $33.62. The company had a trading volume of 70,385 shares, compared to its average volume of 90,788. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a 50 day simple moving average of $31.48 and a two-hundred day simple moving average of $30.47. The company has a market capitalization of $369.19 million, a price-to-earnings ratio of 10.70 and a beta of 0.33. Avidbank has a 52 week low of $24.02 and a 52 week high of $34.17.

Avidbank (NASDAQ:AVBH - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.87 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 $30.37 million for the quarter, compared to analysts' expectations of $29.26 million. As a group, equities analysts predict that Avidbank will post 3.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidbank

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Avidbank in the second quarter valued at about $19,530,000. The Manufacturers Life Insurance Company bought a new stake in shares of Avidbank during the 2nd quarter worth about $12,312,000. Bank of New York Mellon Corp acquired a new position in Avidbank in the 2nd quarter valued at about $778,000. Hsbc Holdings PLC acquired a new position in Avidbank in the 1st quarter valued at about $527,000. Finally, Squarepoint Ops LLC acquired a new position in Avidbank in the 2nd quarter valued at about $439,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.

About Avidbank

Avidbank, the banking subsidiary of Avidbank Holdings, Inc NASDAQ: AVBH, is a commercial bank headquartered in Silicon Valley. Founded in 2003, the company provides banking services to businesses, entrepreneurs, and professionals, with a particular focus on technology, life sciences, venture capital, private equity, and other innovation-driven industries.

Avidbank offers commercial lending, business checking and savings accounts, treasury management, cash management, and other deposit services.

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