Avidbank (NASDAQ:AVBH) Price Target Raised to $40.00

Avidbank (NASDAQ:AVBH) had its price target raised by DA Davidson from $38.00 to $40.00 in a report released on Wednesday,Benzinga reports. DA Davidson currently has a buy rating on the stock.

AVBH has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Avidbank from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Benchmark upgraded shares of Avidbank to a “strong-buy” rating in a research report on Wednesday, September 23rd. Finally, Weiss Ratings cut shares of Avidbank from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Avidbank has an average rating of “Buy” and a consensus price target of $40.00.

Avidbank Stock Performance

AVBH opened at $34.12 on Wednesday. The stock’s 50 day simple moving average is $31.58 and its 200-day simple moving average is $30.58. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a market cap of $374.64 million, a PE ratio of 10.71 and a beta of 0.33. Avidbank has a 1 year low of $24.02 and a 1 year high of $34.77.

Avidbank (NASDAQ:AVBH) last issued its earnings results on Monday, October 26th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.87 by $0.07. Avidbank had a return on equity of 11.90% and a net margin of 20.02%. The firm had revenue of $30.37 million during the quarter, compared to analysts’ expectations of $29.26 million. Sell-side analysts forecast that Avidbank will post 3.44 EPS for the current year.

Institutional Investors Weigh In On Avidbank

Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Avidbank during the second quarter worth approximately $30,000. Public Employees Retirement System of Ohio bought a new position in shares of Avidbank in the second quarter valued at approximately $58,000. Bank of New York Mellon Corp acquired a new position in shares of Avidbank in the 1st quarter worth approximately $207,000. Bank of America Corp DE boosted its holdings in shares of Avidbank by 314.7% in the 1st 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 in the last quarter. Finally, Deutsche Bank AG bought a new stake in Avidbank during the 2nd quarter worth approximately $298,000. Institutional investors and hedge funds own 15.87% of the company’s stock.

About Avidbank

Avidbank, the banking subsidiary of Avidbank Holdings, Inc (NASDAQ: AVBH), is a commercial bank headquartered in Silicon Valley. Founded in 2003, the company provides banking services to businesses, entrepreneurs, and professionals, with a particular focus on technology, life sciences, venture capital, private equity, and other innovation-driven industries.

Avidbank offers commercial lending, business checking and savings accounts, treasury management, cash management, and other deposit services.