First Eagle Investment Management LLC Increases Stake in Avidbank Holdings Inc. $AVBH

First Eagle Investment Management LLC boosted its stake in Avidbank Holdings Inc. (NASDAQ:AVBH) by 80.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 153,500 shares of the company’s stock after acquiring an additional 68,500 shares during the quarter. First Eagle Investment Management LLC’s holdings in Avidbank were worth $4,077,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Patriot Financial Partners GP II L.P. purchased a new position in Avidbank during the third quarter worth approximately $26,798,000. Alliancebernstein L.P. purchased a new stake in shares of Avidbank during the 3rd quarter valued at $21,780,000. Endeavour Capital Advisors Inc. acquired a new stake in shares of Avidbank during the 3rd quarter worth $17,796,000. Banc Funds Co. LLC acquired a new stake in shares of Avidbank during the 3rd quarter worth $17,282,000. Finally, Wellington Management Group LLP purchased a new position in shares of Avidbank in the 3rd quarter worth $12,716,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on AVBH. Stephens upped their price target on Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Wall Street Zen cut Avidbank from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings raised shares of Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. 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 report on Wednesday, April 29th. Finally, Piper Sandler decreased their price objective on shares of Avidbank from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.33.

Avidbank Stock Performance

Shares of NASDAQ:AVBH opened at $29.20 on Thursday. The business’s 50-day simple moving average is $28.87 and its 200 day simple moving average is $27.78. The company has a market cap of $319.74 million, a P/E ratio of -15.53 and a beta of 0.33. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.03 and a current ratio of 1.03. Avidbank Holdings Inc. has a one year low of $19.75 and a one year high of $31.61.

Avidbank (NASDAQ:AVBH) last released its quarterly earnings results on Monday, April 27th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.04. 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 during the quarter, compared to analysts’ expectations of $28.10 million. On average, sell-side analysts forecast that Avidbank Holdings Inc. will post 3.42 earnings per share for the current fiscal year.

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.