Avidbank Holdings Inc. (NASDAQ:AVBH) Stock Has Average Target Price of $40.00 According to Brokerages

Key Points

• Analysts are broadly positive: five brokerages give Avidbank an average “Buy” recommendation and a $40 average 12-month price target. Piper Sandler raised its target to $45, while DA Davidson lifted its target to $40.
• Avidbank reported quarterly EPS of $0.94, beating the $0.87 consensus estimate, and revenue of $30.37 million, above expectations of $29.26 million.
• Shares traded at $34.70, below the average analyst price target; the stock’s 12-month range is $24.02 to $36.00.

Avidbank Holdings Inc. (NASDAQ:AVBH - Get Free Report) has been assigned an average recommendation of "Buy" from the five brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $40.00.

AVBH has been the topic of several recent research reports. DA Davidson boosted their price target on Avidbank from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, October 28th. Piper Sandler upped their price target on Avidbank from $40.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, October 29th. Wall Street Zen raised shares of Avidbank from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Weiss Ratings raised shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 29th. Finally, Benchmark raised shares of Avidbank to a "strong-buy" rating in a research note on Wednesday, September 23rd.

Avidbank Trading Up 0.0%

Shares of AVBH traded up $0.01 during trading on Friday, reaching $34.70. 88,926 shares of the company traded hands, compared to its average volume of 81,113. The stock has a 50-day simple moving average of $32.17 and a 200-day simple moving average of $30.96. Avidbank has a twelve month low of $24.02 and a twelve month high of $36.00. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a market cap of $381.01 million, a PE ratio of 11.05 and a beta of 0.30.

Avidbank (NASDAQ:AVBH - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.07. The business had revenue of $30.37 million for the quarter, compared to analysts' expectations of $29.26 million. Avidbank had a return on equity of 11.90% and a net margin of 20.02%. On average, analysts anticipate that Avidbank will post 3.46 earnings per share for the current year.

Institutional Investors Weigh In On Avidbank

Institutional investors and hedge funds have recently bought and sold shares of the business. Fourthstone LLC grew its holdings in Avidbank by 4.0% in the 3rd quarter. Fourthstone LLC now owns 729,070 shares of the company's stock worth $22,590,000 after buying an additional 28,252 shares in the last quarter. Empowered Funds LLC acquired a new position in Avidbank in the 3rd quarter valued at approximately $381,000. Banc Funds Co. LLC boosted its position in Avidbank by 2.9% during the third quarter. Banc Funds Co. LLC now owns 687,196 shares of the company's stock valued at $21,293,000 after purchasing an additional 19,096 shares during the last quarter. Russell Investments Group Ltd. grew its position in Avidbank by 32.9% in the third quarter. Russell Investments Group Ltd. now owns 3,518 shares of the company's stock worth $109,000 after acquiring an additional 871 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Avidbank during the 2nd quarter worth about $439,000. Institutional investors and hedge funds own 15.87% of the company's stock.

About Avidbank

Avidbank Holdings, Inc. is the parent company of Avidbank, a California-based commercial bank founded in 2003 and headquartered in San Jose. The bank serves businesses, professionals and individuals, with a focus on clients in the San Francisco Bay Area. Avidbank provides commercial banking services, including business deposit accounts, treasury and cash-management services, and lending. Its financing offerings include commercial real estate, asset-based and venture-related lending. The company's operations are centered on the Bay Area, where it focuses on banking for businesses and their owners.

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