Avidbank (NASDAQ:AVBH – Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.07), FiscalAI reports. Avidbank had a negative net margin of 10.20% and a positive return on equity of 10.88%.
Avidbank Stock Performance
NASDAQ:AVBH traded up $0.06 during trading hours on Thursday, hitting $31.86. 96,910 shares of the company were exchanged, compared to its average volume of 100,886. The stock has a market capitalization of $348.87 million, a price-to-earnings ratio of -16.95 and a beta of 0.33. Avidbank has a 52-week low of $21.25 and a 52-week high of $34.17. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03. The company’s 50 day moving average price is $31.61 and its 200-day moving average price is $29.71.
Wall Street Analyst Weigh In
A number of research firms have weighed in on AVBH. Weiss Ratings lowered Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 17th. Wall Street Zen raised shares of Avidbank from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. Piper Sandler lowered their price target on shares of Avidbank from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. Finally, DA Davidson lifted their price objective on shares of Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.
Institutional Investors Weigh In On Avidbank
Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new position in shares of Avidbank in the 3rd quarter valued at $26,000. Kestra Advisory Services LLC purchased a new position in Avidbank in the 4th quarter worth $36,000. Wells Fargo & Company MN acquired a new stake in Avidbank during the 4th quarter worth about $86,000. Barclays PLC purchased a new stake in Avidbank during the 4th quarter valued at about $123,000. Finally, Citadel Advisors LLC purchased a new stake in Avidbank during the 3rd quarter valued at about $207,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.
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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