Avidbank (NASDAQ:AVBH) Upgraded at Wall Street Zen

by · The Markets Daily

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

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

Read Our Latest Stock Report on Avidbank

Avidbank Trading Down 0.4%

Shares of NASDAQ:AVBH opened at $31.57 on Friday. Avidbank has a 52 week low of $24.02 and a 52 week high of $34.17. The company’s 50 day moving average is $31.50 and its two-hundred day moving average is $30.41. The company has a market cap of $346.64 million, a PE ratio of 10.67 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 announced its quarterly earnings results on Monday, October 26th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.87 by $0.07. Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. The company had revenue of $30.37 million for the quarter, compared to analyst estimates of $29.26 million. Equities analysts predict that Avidbank will post 3.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidbank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVBH. Squarepoint Ops LLC acquired a new stake in shares of Avidbank during the second quarter valued at $439,000. Public Employees Retirement System of Ohio acquired a new position in Avidbank in the 2nd quarter valued at about $58,000. Bank of America Corp DE acquired a new position in Avidbank in the 2nd quarter valued at about $435,000. Hsbc Holdings PLC acquired a new position in Avidbank in the 2nd quarter valued at about $301,000. Finally, Legal & General Group Plc purchased a new position in Avidbank in the 2nd quarter valued at about $30,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.

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