Avidbank (NASDAQ:AVBH) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Avidbank from “hold” to “buy,” while Weiss Ratings also improved its assessment to “hold (c).” Analysts’ consensus rating is “Moderate Buy,” with an average price target of $35.33.
• Avidbank shares opened at $31.40, near their 52-week high of $34.17, giving the company a market capitalization of approximately $344.8 million.
• The bank’s latest quarterly results were mixed: revenue of $29.73 million exceeded estimates, but earnings per share of $0.76 fell short of the $0.83 consensus forecast. Institutional investors own 15.87% of the stock.

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

Separately, Weiss Ratings upgraded shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $35.33.

Avidbank Stock Up 0.1%

Shares of AVBH stock opened at $31.40 on Friday. Avidbank has a 1 year low of $24.02 and a 1 year high of $34.17. The stock has a market cap of $344.77 million, a PE ratio of -16.35 and a beta of 0.33. The business's fifty day moving average is $32.12 and its 200-day moving average is $30.78. 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 - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $29.73 million during the quarter, compared to analyst estimates of $28.61 million. Equities analysts expect that Avidbank will post 3.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Legal & General Group Plc bought a new stake in shares of Avidbank during the 2nd quarter worth $30,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Avidbank during the second quarter valued at $58,000. Bank of New York Mellon Corp acquired a new position in shares of Avidbank in the 1st quarter valued at $207,000. Bank of America Corp DE boosted its position in shares of Avidbank by 314.7% in the 1st quarter. Bank of America Corp DE now owns 7,551 shares of the company's stock valued at $215,000 after purchasing an additional 5,730 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Avidbank in the 2nd quarter valued at $298,000. Institutional investors 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.

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