Avidbank (NASDAQ:AVBH) Upgraded at Benchmark

Key Points

• Benchmark upgraded Avidbank to “strong buy,” while other analysts also became more positive; the stock carries an average “Buy” rating and a $35.33 consensus price target.
• Avidbank shares opened at $31.20 and are up 0.3%, trading within a 52-week range of $24.02 to $34.17. The company has a market capitalization of approximately $342.6 million.
• Recent quarterly results were mixed: Avidbank reported $0.76 in earnings per share, below the $0.83 estimate, but revenue of $29.73 million exceeded expectations. Institutional investors own 15.87% of the stock, with BlackRock and Manufacturers Life Insurance among recent buyers.

Avidbank (NASDAQ:AVBH - Get Free Report) was upgraded by stock analysts at Benchmark to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

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

Avidbank Trading Up 0.3%

Shares of NASDAQ AVBH opened at $31.20 on Wednesday. The stock has a market capitalization of $342.58 million, a P/E ratio of -16.25 and a beta of 0.33. 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 business has a fifty day moving average price of $32.04 and a 200 day moving average price of $30.87. Avidbank has a 1-year low of $24.02 and a 1-year high of $34.17.

Avidbank (NASDAQ:AVBH - Get Free Report) last released 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). Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. The firm had revenue of $29.73 million for the quarter, compared to analysts' expectations of $28.61 million. Equities research analysts expect that Avidbank will post 3.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidbank

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Avidbank during the second quarter worth approximately $19,530,000. The Manufacturers Life Insurance Company purchased a new position in shares of Avidbank during the 2nd quarter worth $12,312,000. Maltese Capital Management LLC increased its position in shares of Avidbank by 38.6% during the 4th quarter. Maltese Capital Management LLC now owns 305,000 shares of the company's stock worth $8,101,000 after purchasing an additional 85,000 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Avidbank during the second quarter valued at about $778,000. Finally, Hsbc Holdings PLC acquired a new stake in Avidbank in the 1st quarter valued at approximately $527,000. 15.87% of the stock is owned by hedge funds and other institutional investors.

About Avidbank

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.

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