Avidbank (NASDAQ:AVBH) Releases Quarterly Earnings Results

Avidbank (NASDAQ:AVBH) released its quarterly earnings results on Thursday. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.07), FiscalAI reports. Avidbank had a negative net margin of 10.20% and a positive return on equity of 10.88%.

Avidbank Trading Up 0.2%

Avidbank stock traded up $0.06 during mid-day trading on Thursday, hitting $31.86. 96,910 shares of the stock were exchanged, compared to its average volume of 100,573. The stock has a market capitalization of $348.87 million, a price-to-earnings ratio of -16.95 and a beta of 0.33. Avidbank has a 12 month low of $21.25 and a 12 month high of $34.17. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.08. The firm’s fifty day simple moving average is $31.61 and its two-hundred day simple moving average is $29.71.

Institutional Investors Weigh In On Avidbank

Institutional investors and hedge funds have recently made changes to their positions in the business. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Avidbank in the 3rd quarter valued at about $26,798,000. Alliancebernstein L.P. acquired a new stake in Avidbank in the third quarter valued at approximately $21,780,000. Wellington Management Group LLP bought a new stake in shares of Avidbank during the third quarter valued at approximately $12,716,000. Mendon Capital Advisors Corp acquired a new position in shares of Avidbank during the third quarter worth approximately $7,596,000. Finally, Vanguard Group Inc. bought a new position in shares of Avidbank in the 3rd quarter worth $3,401,000. Institutional investors own 15.87% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on AVBH shares. Piper Sandler dropped their price target on Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. Wall Street Zen upgraded Avidbank from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. Weiss Ratings lowered Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 17th. Finally, DA Davidson raised their price target on shares of Avidbank from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.33.

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.