Avidbank (NASDAQ:AVBH) Downgraded by Wall Street Zen to Hold

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

AVBH has been the subject of several other research reports. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 3rd. DA Davidson raised their price objective on shares of Avidbank from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Avidbank Stock Performance

Avidbank stock opened at $32.88 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Avidbank has a one year low of $23.50 and a one year high of $34.17. The stock has a market capitalization of $361.02 million, a PE ratio of -17.12 and a beta of 0.33. The business’s fifty day moving average is $32.40 and its 200 day moving average is $30.39.

Avidbank (NASDAQ:AVBH) last released 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 the consensus estimate of $28.61 million. Avidbank had a positive return on equity of 10.85% and a negative net margin of 8.69%. On average, sell-side analysts predict that Avidbank will post 3.39 EPS for the current year.

Institutional Investors Weigh In On Avidbank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVBH. Quarry LP bought a new stake in Avidbank during the 3rd quarter worth approximately $26,000. Legal & General Group Plc bought a new position in shares of Avidbank in the second quarter worth approximately $30,000. Kestra Advisory Services LLC bought a new position in shares of Avidbank in the fourth quarter worth approximately $36,000. Wells Fargo & Company MN purchased a new stake in shares of Avidbank in the fourth quarter worth $86,000. Finally, Barclays PLC purchased a new stake in shares of Avidbank in the fourth quarter worth $123,000. 15.87% of the stock is owned by hedge funds and other institutional investors.

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.