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

Avidbank (NASDAQ:AVBH) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a 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. According to data from MarketBeat, Avidbank currently has an average rating of “Moderate Buy” and an average price target of $35.33.

Avidbank Stock Performance

Shares of Avidbank stock opened at $31.40 on Friday. Avidbank has a fifty-two week low of $24.02 and a fifty-two week high of $34.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $344.77 million, a P/E ratio of -16.35 and a beta of 0.33. The company has a fifty day moving average of $32.12 and a 200 day moving average of $30.79.

Avidbank (NASDAQ:AVBH) last announced 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). The business 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%. On average, sell-side analysts anticipate that Avidbank will post 3.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

Avidbank Company Profile

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.