Avidbank Holdings Inc. $AVBH Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in shares of Avidbank Holdings Inc. (NASDAQ:AVBH) by 5.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 308,439 shares of the company’s stock after selling 18,278 shares during the period. Wellington Management Group LLP’s holdings in Avidbank were worth $10,188,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in AVBH. Fourthstone LLC raised its position in Avidbank by 4.7% in the fourth quarter. Fourthstone LLC now owns 1,091,019 shares of the company’s stock worth $28,977,000 after acquiring an additional 48,850 shares in the last quarter. Patriot Financial Partners GP II L.P. purchased a new stake in shares of Avidbank during the 3rd quarter worth $26,798,000. Alliancebernstein L.P. acquired a new position in shares of Avidbank during the 3rd quarter worth $21,780,000. BlackRock Inc. purchased a new position in shares of Avidbank in the 2nd quarter valued at about $19,530,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Avidbank in the 2nd quarter valued at about $12,312,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

Avidbank Price Performance

AVBH stock opened at $31.70 on Wednesday. The company has a market cap of $348.16 million, a PE ratio of -16.51 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. The stock has a 50-day moving average price of $32.29 and a two-hundred day moving average price of $30.68. Avidbank Holdings Inc. has a 12-month low of $24.02 and a 12-month high of $34.17.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AVBH. Weiss Ratings upgraded shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Wall Street Zen cut Avidbank from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

Avidbank 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.