Benchmark Upgrades Avidbank (NASDAQ:AVBH) to Strong-Buy

Avidbank (NASDAQ:AVBH) was upgraded by research analysts at Benchmark to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other brokerages also recently commented on AVBH. Wall Street Zen upgraded shares of Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday, September 19th. Weiss Ratings upgraded Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Avidbank presently has a consensus rating of “Buy” and a consensus price target of $35.33.

Avidbank Stock Performance

Shares of Avidbank stock opened at $31.20 on Wednesday. Avidbank has a one year low of $24.02 and a one year high of $34.17. The company has a market cap of $342.58 million, a PE ratio of -16.25 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50-day simple moving average of $32.04 and a 200-day simple moving average of $30.87.

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

Institutional Trading of Avidbank

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc bought a new position in shares of Avidbank in the 2nd quarter worth about $30,000. Public Employees Retirement System of Ohio acquired a new stake in Avidbank during the second quarter worth about $58,000. Bank of New York Mellon Corp acquired a new stake in Avidbank during the first quarter worth about $207,000. Bank of America Corp DE lifted its holdings in Avidbank by 314.7% in the first quarter. Bank of America Corp DE now owns 7,551 shares of the company’s stock worth $215,000 after acquiring an additional 5,730 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Avidbank in the second quarter valued at approximately $298,000. 15.87% of the stock is 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.