BlackRock Inc. Purchases New Stake in Avidbank Holdings Inc. $AVBH

Key Points

• BlackRock acquired 591,284 Avidbank shares worth approximately $19.53 million, giving it a 5.40% stake. Institutional ownership now totals 15.87%.
• Analyst sentiment remains generally positive, with three Buy ratings and one Hold rating; the consensus is “Moderate Buy” with a $35.33 average price target.
• Avidbank reported quarterly EPS of $0.76, below the $0.83 consensus estimate, though revenue of $29.73 million exceeded expectations. Shares recently opened at $31.55, within a 52-week range of $24.02 to $34.17.

BlackRock Inc. purchased a new stake in shares of Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 591,284 shares of the company's stock, valued at approximately $19,530,000. BlackRock Inc. owned about 5.40% of Avidbank at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Avidbank during the 3rd quarter worth about $26,798,000. Alliancebernstein L.P. bought a new position in Avidbank in the 3rd quarter valued at about $21,780,000. Wellington Management Group LLP acquired a new stake in Avidbank during the third quarter worth approximately $12,716,000. Mendon Capital Advisors Corp acquired a new stake in Avidbank during the third quarter worth approximately $7,596,000. Finally, Vanguard Group Inc. bought a new stake in shares of Avidbank during the third quarter worth approximately $3,401,000. 15.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVBH has been the topic of several research reports. Weiss Ratings raised Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. Wall Street Zen lowered Avidbank from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $35.33.

Avidbank Stock Performance

Shares of NASDAQ:AVBH opened at $31.55 on Thursday. The company's 50 day simple moving average is $32.37 and its 200 day simple moving average is $30.62. The stock has a market capitalization of $346.51 million, a price-to-earnings ratio of -16.43 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Avidbank Holdings Inc. has a 1 year low of $24.02 and a 1 year high of $34.17.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued 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 negative net margin of 8.69% and a positive return on equity of 10.85%. The business had revenue of $29.73 million during the quarter, compared to the consensus estimate of $28.61 million. As a group, research analysts predict that Avidbank Holdings Inc. will post 3.39 EPS for the current fiscal year.

About Avidbank

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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