Avidbank (NASDAQ:AVBH) Raised to “Buy” at Wall Street Zen

Avidbank (NASDAQ:AVBH – Get Free Report) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

AVBH has been the topic of a number of other research reports. Weiss Ratings lowered shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 25th. Benchmark upgraded Avidbank to a “strong-buy” rating in a report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $35.33.

Check Out Our Latest Analysis on Avidbank

Avidbank Stock Performance

Shares of AVBH stock opened at $31.70 on Friday. The firm has a 50-day moving average price of $31.48 and a 200 day moving average price of $31.36. Avidbank has a twelve month low of $24.02 and a twelve month high of $34.17. The company has a market capitalization of $348.07 million, a price-to-earnings ratio of -16.51 and a beta of 0.33. 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 earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.07). The firm had revenue of $29.73 million during the quarter, compared to analysts’ expectations of $28.61 million. Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. Research analysts forecast that Avidbank will post 3.40 earnings per share for the current fiscal year.

Institutional Trading of Avidbank

A number of hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in Avidbank during the second quarter valued at about $30,000. Public Employees Retirement System of Ohio acquired a new stake in Avidbank during the second quarter worth about $58,000. Bank of America Corp DE raised its holdings in shares of Avidbank by 314.7% in the 1st quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock worth $215,000 after purchasing an additional 5,730 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Avidbank in the 1st quarter worth about $207,000. Finally, Deutsche Bank AG purchased a new position in shares of Avidbank in the 2nd quarter worth about $298,000. 15.87% of the stock is owned by institutional investors and hedge funds.

About Avidbank

(Get Free Report)

Avidbank, the banking subsidiary of Avidbank Holdings, Inc (NASDAQ: AVBH), is a commercial bank headquartered in Silicon Valley. Founded in 2003, the company provides banking services to businesses, entrepreneurs, and professionals, with a particular focus on technology, life sciences, venture capital, private equity, and other innovation-driven industries.

Avidbank offers commercial lending, business checking and savings accounts, treasury management, cash management, and other deposit services.

Further Reading

Analyst Recommendations for Avidbank (NASDAQ:AVBH)

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