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

Wellington Management Group LLP lowered its holdings in Avidbank Holdings Inc. (NASDAQ:AVBH) by 5.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 308,439 shares of the company’s stock after selling 18,278 shares during the quarter. Wellington Management Group LLP owned 2.81% of Avidbank worth $10,188,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Avidbank during the 2nd quarter worth about $58,000. Bank of America Corp DE acquired a new position in Avidbank in the second quarter valued at about $435,000. Hsbc Holdings PLC purchased a new position in Avidbank during the second quarter worth about $301,000. Legal & General Group Plc acquired a new stake in shares of Avidbank during the second quarter valued at about $30,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Avidbank in the 2nd quarter valued at approximately $12,312,000. 15.87% of the stock is currently owned by hedge funds and other institutional investors.

Avidbank Stock Down 0.7%

Avidbank stock opened at $31.70 on Wednesday. The firm has a market capitalization of $348.16 million, a P/E 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. Avidbank Holdings Inc. has a twelve month low of $24.02 and a twelve month high of $34.17. The stock’s fifty day simple moving average is $32.29 and its 200-day simple moving average is $30.68.

Avidbank (NASDAQ:AVBH) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.07). The firm 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%. As a group, equities analysts expect that Avidbank Holdings Inc. will post 3.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVBH has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Avidbank from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings upgraded Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Avidbank currently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

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.