Avidbank (NASDAQ:AVBH) Stock Rating Lowered by Wall Street Zen

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

Several other research firms also recently weighed in on AVBH. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 3rd. DA Davidson lifted their target price on shares of Avidbank from $33.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

Avidbank Price Performance

Avidbank stock opened at $32.88 on Friday. The company has a market capitalization of $361.02 million, a P/E ratio of -17.12 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. Avidbank has a fifty-two week low of $23.50 and a fifty-two week high of $34.17. The stock has a 50-day simple moving average of $32.40 and a 200-day simple moving average of $30.41.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.07). The firm had revenue of $29.73 million for the quarter, compared to analysts’ expectations of $28.61 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%. Equities research analysts expect that Avidbank will post 3.39 earnings per share for the current year.

Hedge Funds Weigh In On Avidbank

Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in Avidbank during the 2nd quarter valued at approximately $30,000. Quarry LP purchased a new position in shares of Avidbank in the 3rd quarter valued at approximately $26,000. Kestra Advisory Services LLC purchased a new position in shares of Avidbank in the 4th quarter valued at approximately $36,000. HighTower Advisors LLC increased its holdings in shares of Avidbank by 25.1% in the fourth quarter. HighTower Advisors LLC now owns 12,444 shares of the company’s stock valued at $331,000 after purchasing an additional 2,500 shares during the period. Finally, Wells Fargo & Company MN acquired a new position in shares of Avidbank in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

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.