372,756 Shares in Avidbank Holdings Inc. $AVBH Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in Avidbank Holdings Inc. (NASDAQ:AVBH) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 372,756 shares of the company’s stock, valued at approximately $12,312,000.

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

Avidbank Stock Down 0.6%

Avidbank stock opened at $31.66 on Friday. The firm has a market capitalization of $347.63 million, a P/E ratio of -16.49 and a beta of 0.33. The stock’s fifty day simple moving average is $32.43 and its 200-day simple moving average is $30.60. Avidbank Holdings Inc. has a twelve month low of $24.02 and a twelve month high of $34.17. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AVBH shares. Wall Street Zen lowered Avidbank from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings raised Avidbank from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.33.

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.