Avidbank (NASDAQ:AVBH) Releases Earnings Results, Misses Expectations By $0.11 EPS

Avidbank (NASDAQ:AVBH) released its quarterly earnings data on Thursday. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11), Zacks reports. The firm had revenue of $26.78 million for the quarter, compared to analysts’ expectations of $25.70 million. Avidbank had a positive return on equity of 10.42% and a negative net margin of 12.88%.

Avidbank Stock Performance

Avidbank stock opened at $29.10 on Friday. The stock has a market cap of $318.65 million, a P/E ratio of -14.48 and a beta of 0.37. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.05 and a quick ratio of 1.05. Avidbank has a fifty-two week low of $19.75 and a fifty-two week high of $29.55. The firm has a 50-day moving average price of $26.78.

Institutional Investors Weigh In On Avidbank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVBH. Patriot Financial Partners GP II L.P. acquired a new position in shares of Avidbank in the 3rd quarter valued at $26,798,000. Alliancebernstein L.P. purchased a new position in Avidbank during the 3rd quarter worth $21,780,000. Wellington Management Group LLP acquired a new position in Avidbank in the third quarter valued at $12,716,000. Mendon Capital Advisors Corp acquired a new position in Avidbank in the 3rd quarter valued at about $7,596,000. Finally, Vanguard Group Inc. acquired a new position in shares of Avidbank in the third quarter valued at approximately $3,401,000. Hedge funds and other institutional investors own 15.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVBH. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Avidbank in a report on Wednesday, January 21st. DA Davidson restated a “buy” rating and set a $31.50 target price on shares of Avidbank in a research note on Tuesday, October 28th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $31.25.

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.