Avidbank (NASDAQ:AVBH) Rating Increased to Buy at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Avidbank (NASDAQ:AVBH – Free Report) from a hold rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

Read Our Latest Report on AVBH

Avidbank Trading Up 0.1%

Shares of AVBH stock opened at $31.40 on Friday. The stock has a market cap of $344.77 million, a P/E ratio of -16.35 and a beta of 0.33. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. Avidbank has a fifty-two week low of $24.02 and a fifty-two week high of $34.17. The business has a fifty day simple moving average of $32.12 and a 200-day simple moving average of $30.78.

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). Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%.The business had revenue of $29.73 million during the quarter, compared to analysts’ expectations of $28.61 million. On average, analysts forecast that Avidbank will post 3.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidbank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC acquired a new stake in Avidbank during the second quarter worth approximately $439,000. Public Employees Retirement System of Ohio acquired a new position in Avidbank in the 2nd quarter valued at $58,000. Bank of America Corp DE purchased a new position in shares of Avidbank during the 2nd quarter worth $435,000. Hsbc Holdings PLC acquired a new stake in shares of Avidbank during the second quarter worth $301,000. Finally, Legal & General Group Plc purchased a new stake in shares of Avidbank in the second quarter valued at $30,000. 15.87% of the stock is currently owned by hedge funds and other institutional investors.

Avidbank Company Profile

(Get Free Report)

Avidbank is a commercial bank headquartered in San Jose, California, and the principal banking subsidiary of Avidbank Holdings, Inc The bank focuses on serving businesses, entrepreneurs, professionals and their owners through relationship-based banking and customized financial solutions.

Avidbank provides commercial lending, commercial real estate financing, asset-based lending, venture and technology banking solutions, and other business credit products. Its deposit offerings include business checking and savings accounts, money market accounts and certificates of deposit.

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