Avidbank (NASDAQ:AVBH) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Avidbank (NASDAQ:AVBH) from a buy rating to a hold rating in a research note issued to investors on Sunday,Wall Street Zen reports.

Several other research firms have also commented on AVBH. Weiss Ratings lowered shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. Benchmark upgraded shares of Avidbank to a “strong-buy” rating in a research report on Wednesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $35.33.

Avidbank Stock Performance

AVBH opened at $31.23 on Friday. The business has a 50 day moving average price of $31.99 and a two-hundred day moving average price of $30.94. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $342.91 million, a price-to-earnings ratio of -16.27 and a beta of 0.33. Avidbank has a 1-year low of $24.02 and a 1-year high of $34.17.

Avidbank (NASDAQ:AVBH) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.07). The firm had revenue of $29.73 million for the quarter, compared to analyst estimates of $28.61 million. Avidbank had a negative net margin of 8.69% and a positive return on equity of 10.85%. Research analysts predict that Avidbank will post 3.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in shares of Avidbank in the second quarter worth approximately $30,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Avidbank in the 2nd quarter valued at approximately $58,000. Bank of New York Mellon Corp purchased a new stake in shares of Avidbank in the 1st quarter valued at approximately $207,000. Bank of America Corp DE boosted its stake in Avidbank by 314.7% in the 1st quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock worth $215,000 after purchasing an additional 5,730 shares during the period. Finally, Deutsche Bank AG acquired a new position in Avidbank in the 2nd quarter worth approximately $298,000. 15.87% of the stock is currently owned by institutional investors and hedge funds.

Avidbank Company Profile

Avidbank is a commercial bank headquartered in San Jose, California, and the principal banking subsidiary of Avidbank Holdings, Inc The bank focuses on serving businesses, entrepreneurs, professionals and their owners through relationship-based banking and customized financial solutions.

Avidbank provides commercial lending, commercial real estate financing, asset-based lending, venture and technology banking solutions, and other business credit products. Its deposit offerings include business checking and savings accounts, money market accounts and certificates of deposit.