Avidbank (NASDAQ:AVBH) Issues Quarterly Earnings Results

Avidbank (NASDAQ:AVBH) issued its quarterly earnings results on Monday. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.04, Zacks reports. Avidbank had a positive return on equity of 11.26% and a negative net margin of 10.20%.The firm had revenue of $27.97 million for the quarter, compared to analyst estimates of $28.03 million.

Avidbank Stock Down 1.7%

Shares of AVBH stock traded down $0.53 on Wednesday, reaching $29.87. 27,362 shares of the company were exchanged, compared to its average volume of 80,342. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.03 and a quick ratio of 1.03. Avidbank has a one year low of $19.75 and a one year high of $31.61. The company has a market cap of $327.12 million, a price-to-earnings ratio of -15.87 and a beta of 0.34. The company has a 50-day moving average of $28.86 and a 200-day moving average of $27.51.

Institutional Investors Weigh In On Avidbank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new stake in shares of Avidbank in the 4th quarter worth about $677,000. Bridgeway Capital Management LLC acquired a new stake in shares of Avidbank in the 4th quarter worth about $332,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Avidbank by 15.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 220,315 shares of the company’s stock worth $5,852,000 after acquiring an additional 30,000 shares during the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Avidbank in the 4th quarter worth about $256,000. Finally, Barclays PLC acquired a new stake in shares of Avidbank in the 4th quarter worth about $123,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVBH. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, April 22nd. DA Davidson upped their price objective on shares of Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Stephens increased their price objective on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Wall Street Zen raised shares of Avidbank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Finally, Piper Sandler cut their price objective on shares of Avidbank from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

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.