The Manufacturers Life Insurance Company Purchases Shares of 372,756 Avidbank Holdings Inc. $AVBH

Key Points

• The Manufacturers Life Insurance Company acquired 372,756 Avidbank shares worth approximately $12.3 million, giving it a 3.40% stake. Institutional investors collectively own 15.87% of the company.
• Avidbank reported quarterly EPS of $0.76, missing the $0.83 consensus estimate, while revenue of $29.73 million exceeded expectations of $28.61 million.
• Shares opened at $31.66, below the analyst consensus price target of $35.33. Analysts maintain a “Moderate Buy” consensus, with three Buy ratings and one Hold rating.

The Manufacturers Life Insurance Company acquired a new position in shares of Avidbank Holdings Inc. (NASDAQ:AVBH - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 372,756 shares of the company's stock, valued at approximately $12,312,000. The Manufacturers Life Insurance Company owned 3.40% of Avidbank at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. First Eagle Investment Management LLC lifted its holdings in shares of Avidbank by 80.6% during the fourth quarter. First Eagle Investment Management LLC now owns 153,500 shares of the company's stock worth $4,077,000 after purchasing an additional 68,500 shares during the period. Maltese Capital Management LLC increased its holdings in Avidbank by 38.6% in the 4th quarter. Maltese Capital Management LLC now owns 305,000 shares of the company's stock worth $8,101,000 after buying an additional 85,000 shares during the period. Hsbc Holdings PLC acquired a new position in Avidbank in the 1st quarter worth approximately $527,000. Quarry LP purchased a new position in Avidbank during the 3rd quarter worth approximately $26,000. Finally, PMC FIG Opportunities LLC purchased a new position in Avidbank during the 3rd quarter worth approximately $2,390,000. 15.87% of the stock is currently owned by institutional investors.

Avidbank Stock Down 0.6%

Shares of AVBH stock opened at $31.66 on Friday. Avidbank Holdings Inc. has a twelve month low of $24.02 and a twelve month high of $34.17. The stock has a market cap of $347.63 million, a P/E ratio of -16.49 and a beta of 0.33. The stock has a 50 day moving average of $32.43 and a 200 day moving average of $30.60. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Avidbank (NASDAQ:AVBH - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.07). The company had revenue of $29.73 million during the quarter, compared to analysts' expectations of $28.61 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%. As a group, sell-side analysts expect that Avidbank Holdings Inc. will post 3.39 EPS for the current year.

Analysts Set New Price Targets

AVBH has been the topic of several recent research reports. Weiss Ratings raised shares of Avidbank from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Wall Street Zen cut shares of Avidbank from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.33.

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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