Maltese Capital Management LLC Makes New $5.61 Million Investment in Avidbank Holdings Inc. $AVBH

Key Points

• Maltese Capital Management LLC acquired a new stake of 220,000 shares in Avidbank (NASDAQ:AVBH) in Q3, valued at approximately $5.61 million, representing about 2.01% ownership.
• Avidbank last reported $0.65 EPS, missing estimates by $0.11 while revenue of $26.78 million beat expectations; the company shows a negative net margin (-12.88%) and a negative PE ratio (-13.66).
• Analysts are generally positive on AVBH — four analysts rate the stock a Buy with a consensus target of $33.00, and firms like Stephens and DA Davidson recently raised their targets to $35 and $33 respectively.

Maltese Capital Management LLC acquired a new stake in Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 220,000 shares of the company's stock, valued at approximately $5,610,000. Maltese Capital Management LLC owned approximately 2.01% of Avidbank at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AVBH. Citadel Advisors LLC acquired a new position in shares of Avidbank during the third quarter worth approximately $207,000. BetterWealth LLC acquired a new stake in shares of Avidbank in the third quarter valued at approximately $216,000. Ghisallo Capital Management LLC bought a new position in Avidbank in the 3rd quarter worth approximately $255,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Avidbank during the 3rd quarter worth $270,000. Finally, ELCO Management Co. LLC acquired a new position in Avidbank during the 3rd quarter worth $396,000. 15.87% of the stock is owned by institutional investors.

Avidbank Price Performance

Shares of AVBH stock opened at $27.45 on Tuesday. Avidbank Holdings Inc. has a 52-week low of $19.75 and a 52-week high of $31.61. The stock has a market cap of $300.58 million, a PE ratio of -13.66 and a beta of 0.38. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.05 and a current ratio of 1.05. The firm's 50 day moving average price is $28.46 and its two-hundred day moving average price is $26.79.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The business had revenue of $26.78 million for the quarter, compared to the consensus estimate of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 10.42%.

Analysts Set New Price Targets

AVBH has been the subject of several research reports. Stephens lifted their target price on Avidbank from $30.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Avidbank in a research note on Wednesday, January 21st. Finally, DA Davidson lifted their price objective on Avidbank from $31.50 to $33.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $33.00.

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.

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.