Avidbank (NASDAQ:AVBH) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Avidbank from “hold” to “buy,” while analysts overall give the stock a consensus “Buy” rating with a $35.33 price target.
• Avidbank reported quarterly EPS of $0.76, missing the $0.83 estimate, although revenue of $29.73 million exceeded expectations of $28.61 million.
• Institutional interest increased, with BlackRock and Manufacturers Life Insurance among several firms taking new positions; institutional investors now own 15.87% of the company.

Avidbank (NASDAQ:AVBH - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other analysts have also issued reports on the company. Weiss Ratings lowered Avidbank from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, September 25th. Benchmark upgraded Avidbank to a "strong-buy" rating in a research note on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Avidbank has an average rating of "Buy" and a consensus price target of $35.33.

Avidbank Stock Performance

AVBH opened at $31.70 on Friday. 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's 50-day moving average price is $31.48 and its two-hundred day moving average price is $31.34. Avidbank has a 1 year low of $24.02 and a 1 year high of $34.17. The company has a market capitalization of $348.07 million, a price-to-earnings ratio of 10.63 and a beta of 0.33.

Avidbank (NASDAQ:AVBH - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.07). The business had revenue of $29.73 million during the quarter, compared to the consensus estimate of $28.61 million. Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. Equities analysts expect that Avidbank will post 3.40 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidbank

Several large investors have recently bought and sold shares of AVBH. BlackRock Inc. purchased a new stake in Avidbank in the 2nd quarter valued at approximately $19,530,000. The Manufacturers Life Insurance Company purchased a new stake in Avidbank during the second quarter worth approximately $12,312,000. Bank of New York Mellon Corp purchased a new stake in shares of Avidbank in the second quarter worth about $778,000. Hsbc Holdings PLC acquired a new position in shares of Avidbank during the first quarter worth $527,000. Finally, Squarepoint Ops LLC acquired a new stake in Avidbank during the 2nd quarter valued at approximately $439,000. Hedge funds and other institutional investors own 15.87% of the company's stock.

Avidbank Company Profile

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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