Avidbank (NASDAQ:AVBH) Issues Quarterly Earnings Results

Avidbank (NASDAQ:AVBH) issued its earnings results on Thursday. The company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11), Zacks reports. Avidbank had a negative net margin of 13.50% and a positive return on equity of 10.22%.

Avidbank Stock Performance

Shares of NASDAQ:AVBH traded up $0.23 during trading on Thursday, reaching $27.59. The stock had a trading volume of 60,240 shares, compared to its average volume of 62,428. Avidbank has a 52 week low of $19.75 and a 52 week high of $27.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $26.63. The stock has a market capitalization of $302.14 million, a PE ratio of -15.16 and a beta of 0.37.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVBH. DA Davidson reaffirmed a “buy” rating and issued a $31.50 price objective on shares of Avidbank in a research note on Tuesday, October 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of Avidbank in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Avidbank has an average rating of “Buy” and a consensus price target of $31.25.

Institutional Trading of Avidbank

A number of large investors have recently bought and sold shares of the business. Patriot Financial Partners GP II L.P. acquired a new stake in Avidbank during the third quarter worth approximately $26,798,000. Alliancebernstein L.P. bought a new stake in shares of Avidbank in the 3rd quarter valued at $21,780,000. Wellington Management Group LLP bought a new stake in shares of Avidbank in the 3rd quarter valued at $12,716,000. Mendon Capital Advisors Corp acquired a new position in shares of Avidbank during the 3rd quarter valued at $7,596,000. Finally, Vanguard Group Inc. bought a new position in Avidbank during the third quarter worth $3,401,000. 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.