Avidbank (NASDAQ:AVBH) Issues Quarterly Earnings Results

Key Points

• Avidbank reported quarterly EPS of $0.76, which missed analysts’ consensus estimate of $0.83 by $0.07.
• The stock traded slightly higher after the report, reaching $31.86 intraday, with a market cap of about $348.9 million.
• Analyst sentiment remains constructive, with a Moderate Buy consensus and an average price target of $35.33.

Avidbank (NASDAQ:AVBH - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.76 EPS for the quarter, missing analysts' consensus estimates of $0.83 by ($0.07), FiscalAI reports. Avidbank had a positive return on equity of 10.88% and a negative net margin of 10.20%.

Avidbank Price Performance

AVBH stock traded up $0.06 during midday trading on Thursday, reaching $31.86. 96,910 shares of the company's stock traded hands, compared to its average volume of 100,573. The company has a 50-day simple moving average of $31.61 and a two-hundred day simple moving average of $29.71. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08. Avidbank has a 1-year low of $21.25 and a 1-year high of $34.17. The company has a market cap of $348.87 million, a price-to-earnings ratio of -16.95 and a beta of 0.33.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AVBH. Quarry LP bought a new position in Avidbank in the third quarter valued at about $26,000. Kestra Advisory Services LLC acquired a new stake in Avidbank during the 4th quarter worth approximately $36,000. HighTower Advisors LLC raised its stake in shares of Avidbank by 25.1% in the 4th quarter. HighTower Advisors LLC now owns 12,444 shares of the company's stock valued at $331,000 after purchasing an additional 2,500 shares during the period. Wells Fargo & Company MN acquired a new stake in shares of Avidbank in the fourth quarter valued at approximately $86,000. Finally, Barclays PLC acquired a new position in shares of Avidbank during the 4th quarter worth about $123,000. 15.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVBH has been the topic of several recent research reports. Weiss Ratings lowered shares of Avidbank from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, July 17th. DA Davidson increased their price target on shares of Avidbank from $33.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Piper Sandler cut their price target on shares of Avidbank from $37.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Finally, Wall Street Zen raised Avidbank from a "hold" rating to a "buy" rating in a report on Saturday, May 23rd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Avidbank currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.33.

Avidbank Company Profile

Avidbank Holdings, Inc operates as a bank holding company for Avidbank that provides financial products and services to small and middle-market businesses, professionals, and individuals in the Santa Clara, San Mateo, and San Francisco counties. It offers business and personal deposit products, such as checking, money market, and savings accounts; and certificates of deposit. The company also provides personal lending products include secured and unsecured lines of credit, home equity lines of credit, remodel and new home construction loans, and term loans; corporate banking comprises working capital lines of credit, equipment loans, acquisition financing, shareholder buyouts, ESOP loans, and owner-occupied real estate loans; and commercial real estate lending, such as permanent loans and bridge financing products.

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