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

Wall Street Zen upgraded shares of Avidbank (NASDAQ:AVBH) from a hold rating to a buy rating in a report released on Saturday.

A number of other research firms also recently commented on AVBH. DA Davidson raised their price objective on shares of Avidbank from $31.50 to $33.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Piper Sandler lowered their target price on shares of Avidbank from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday. Stephens increased their price target on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings cut shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Avidbank currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

Avidbank Stock Performance

AVBH opened at $28.80 on Friday. The stock’s 50 day simple moving average is $28.76 and its 200-day simple moving average is $27.01. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.08. The stock has a market cap of $316.22 million, a PE ratio of -14.33 and a beta of 0.34. Avidbank has a 1 year low of $19.75 and a 1 year high of $31.61.

Avidbank (NASDAQ:AVBH) last issued its earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Avidbank had a positive return on equity of 9.84% and a negative net margin of 12.88%.The firm had revenue of $26.78 million during the quarter, compared to the consensus estimate of $25.70 million.

Institutional Investors Weigh In On Avidbank

Several large investors have recently made changes to their positions in AVBH. BetterWealth LLC bought a new stake in shares of Avidbank in the 3rd quarter worth about $216,000. Algebris UK Ltd. bought a new position in Avidbank during the 3rd quarter valued at about $3,123,000. ELCO Management Co. LLC acquired a new position in Avidbank in the third quarter valued at about $396,000. Vanguard Group Inc. acquired a new position in Avidbank in the third quarter valued at about $3,401,000. Finally, Endeavour Capital Advisors Inc. bought a new stake in Avidbank during the third quarter worth about $17,796,000. Institutional investors own 15.87% of the company’s stock.

Avidbank Company Profile

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.