Avidbank (NASDAQ:AVBH) Issues Earnings Results

Avidbank (NASDAQ:AVBH) posted 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. Avidbank had a negative net margin of 13.50% and a positive return on equity of 10.22%.

Avidbank Trading Up 0.8%

Avidbank stock traded up $0.23 during mid-day trading on Thursday, hitting $27.59. The company’s stock had a trading volume of 60,240 shares, compared to its average volume of 62,428. The business has a fifty day moving average price of $26.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.08. The firm has a market cap of $302.14 million, a price-to-earnings ratio of -15.16 and a beta of 0.37. Avidbank has a 1 year low of $19.75 and a 1 year high of $27.99.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Avidbank

A number of hedge funds have recently modified their holdings of AVBH. Vanguard Group Inc. purchased a new stake in shares of Avidbank in the 3rd quarter valued at $3,401,000. Franklin Resources Inc. purchased a new position in Avidbank in the third quarter valued at $3,268,000. UBS Group AG acquired a new stake in shares of Avidbank during the 3rd quarter worth about $842,000. Kennedy Capital Management LLC acquired a new stake in Avidbank during the third quarter worth approximately $667,000. Finally, Wellington Management Group LLP acquired a new stake in Avidbank during the 3rd quarter worth $12,716,000. 15.87% of the stock is currently owned by hedge funds and other institutional investors.

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.