Wall Street Zen Downgrades Avidbank (NASDAQ:AVBH) to Hold

Key Points

• Wall Street Zen downgraded Avidbank from “buy” to “hold,” while analyst sentiment remains broadly positive with a consensus “Buy” rating and an average price target of $35.33.
• Avidbank shares opened at $31.41, up 0.7%, and remain within their 52-week range of $24.02 to $34.17. The company’s latest quarterly EPS of $0.76 missed estimates, although revenue of $29.73 million exceeded expectations.
• Institutional investors have increased exposure to Avidbank, with recent purchases by Legal & General, Bank of America, Deutsche Bank and others; institutions now own 15.87% of the stock.

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

Several other research analysts also recently weighed in on AVBH. Weiss Ratings downgraded Avidbank from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday. Benchmark upgraded Avidbank to a "strong-buy" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Avidbank presently has a consensus rating of "Buy" and an average price target of $35.33.

Avidbank Stock Up 0.7%

AVBH stock opened at $31.41 on Friday. The company has a market cap of $344.88 million, a price-to-earnings ratio of -16.36 and a beta of 0.33. Avidbank has a fifty-two week low of $24.02 and a fifty-two week high of $34.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The business's 50-day moving average is $32.02 and its two-hundred day moving average is $30.87.

Avidbank (NASDAQ:AVBH - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.07). Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%.The firm had revenue of $29.73 million during the quarter, compared to analysts' expectations of $28.61 million. As a group, analysts forecast that Avidbank will post 3.39 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of Avidbank during the second quarter worth $30,000. Public Employees Retirement System of Ohio purchased a new position in Avidbank in the 2nd quarter worth $58,000. Bank of New York Mellon Corp purchased a new position in Avidbank in the 1st quarter worth $207,000. Bank of America Corp DE lifted its position in Avidbank by 314.7% during the 1st 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 period. Finally, Deutsche Bank AG acquired a new stake in Avidbank during the 2nd quarter worth about $298,000. Hedge funds and other institutional investors own 15.87% of the company's stock.

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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