Avidbank (NASDAQ:AVBH) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Avidbank from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $35.33.
• Avidbank shares opened at $32.88, near their 52-week high of $34.17. The company’s latest quarterly earnings missed estimates at $0.76 per share versus the $0.83 consensus, despite revenue exceeding expectations.
• Institutional investors have shown significant interest in Avidbank, with hedge funds and other institutions owning 15.87% of the stock; several major firms recently established positions.

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

Other equities research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, August 3rd. DA Davidson boosted their target price on shares of Avidbank from $33.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Avidbank Stock Performance

Shares of Avidbank stock opened at $32.88 on Friday. Avidbank has a one year low of $23.50 and a one year high of $34.17. The company has a market cap of $361.02 million, a PE ratio of -17.12 and a beta of 0.33. 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 has a 50-day simple moving average of $32.40 and a 200-day simple moving average of $30.39.

Avidbank (NASDAQ:AVBH - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $28.61 million. On average, equities research analysts forecast that Avidbank will post 3.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidbank

A number of institutional investors and hedge funds have recently bought and sold shares of AVBH. Patriot Financial Partners GP II L.P. acquired a new position in Avidbank in the third quarter valued at $26,798,000. Alliancebernstein L.P. acquired a new stake in shares of Avidbank during the third quarter worth about $21,780,000. BlackRock Inc. purchased a new stake in shares of Avidbank in the 2nd quarter valued at about $19,530,000. Wellington Management Group LLP purchased a new stake in shares of Avidbank in the 3rd quarter valued at about $12,716,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Avidbank in the 2nd quarter valued at about $12,312,000. 15.87% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source