Persistent Asset Partners Ltd Takes $768,000 Position in Avidbank Holdings Inc. $AVBH

Persistent Asset Partners Ltd purchased a new position in shares of Avidbank Holdings Inc. (NASDAQ:AVBH) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 30,130 shares of the company’s stock, valued at approximately $768,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVBH. Algebris UK Ltd. acquired a new position in shares of Avidbank in the 3rd quarter valued at $3,123,000. Endeavour Capital Advisors Inc. bought a new stake in Avidbank in the third quarter valued at about $17,796,000. Vanguard Group Inc. acquired a new position in Avidbank in the third quarter worth about $3,401,000. ELCO Management Co. LLC acquired a new position in Avidbank in the third quarter worth about $396,000. Finally, BetterWealth LLC bought a new position in Avidbank during the third quarter worth about $216,000. Institutional investors own 15.87% of the company’s stock.

Avidbank Price Performance

Shares of Avidbank stock opened at $29.52 on Friday. The firm has a 50 day moving average of $27.89. Avidbank Holdings Inc. has a fifty-two week low of $19.75 and a fifty-two week high of $31.22. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $323.24 million, a price-to-earnings ratio of -14.69 and a beta of 0.38.

Avidbank (NASDAQ:AVBH) last released its earnings results on Thursday, January 29th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $26.78 million during the quarter, compared to analyst estimates of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 10.42%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVBH shares. Weiss Ratings restated a “buy (b-)” rating on shares of Avidbank in a research report on Wednesday, January 21st. DA Davidson upped their target price on shares of Avidbank from $31.50 to $33.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $32.00.

Avidbank Profile

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.