Rhino Investment Partners Inc Makes New Investment in Avidbank Holdings Inc. $AVBH

Key Points

• Rhino Investment Partners bought 80,000 shares of Avidbank (NASDAQ:AVBH) in Q3 worth about $2.04 million, leaving it with roughly 0.73% ownership of Avidbank and making the stock about 0.6% of Rhino’s portfolio (its 27th largest holding).
• Other institutions also initiated or increased positions—most notably Endeavour Capital (~$17.8M)—bringing total institutional ownership to about 15.87%.
• Analyst sentiment is constructive with four Buy ratings and an average target of $33; Avidbank recently reported $0.65 EPS (miss) and $26.78M revenue (beat), and the stock trades near $27.47 with a market cap around $301M.

Rhino Investment Partners Inc purchased a new stake in Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 80,000 shares of the company's stock, valued at approximately $2,040,000. Avidbank makes up approximately 0.6% of Rhino Investment Partners Inc's investment portfolio, making the stock its 27th largest holding. Rhino Investment Partners Inc owned about 0.73% of Avidbank as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Algebris UK Ltd. purchased a new stake in shares of Avidbank during the third quarter worth approximately $3,123,000. EJF Capital LLC acquired a new stake in Avidbank in the third quarter valued at approximately $2,827,000. First Eagle Investment Management LLC purchased a new position in Avidbank in the third quarter worth approximately $2,168,000. Endeavour Capital Advisors Inc. purchased a new position in Avidbank in the third quarter worth approximately $17,796,000. Finally, Persistent Asset Partners Ltd acquired a new position in Avidbank during the 3rd quarter worth approximately $768,000. Hedge funds and other institutional investors own 15.87% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Weiss Ratings reissued a "buy (b-)" rating on shares of Avidbank in a research report on Wednesday, January 21st. Stephens boosted their target price on shares of Avidbank from $30.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Finally, DA Davidson increased their target price on Avidbank from $31.50 to $33.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $33.00.

Avidbank Trading Down 0.7%

NASDAQ:AVBH opened at $27.47 on Friday. The company has a market capitalization of $300.80 million, a PE ratio of -13.67 and a beta of 0.38. Avidbank Holdings Inc. has a 52-week low of $19.75 and a 52-week high of $31.61. The stock's 50 day moving average price is $28.44 and its 200 day moving average price is $26.74. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.08.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). The firm had revenue of $26.78 million during the quarter, compared to analysts' expectations of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 10.42%.

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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