Piper Sandler Has Lowered Expectations for Avidbank (NASDAQ:AVBH) Stock Price

Avidbank (NASDAQ:AVBH) had its price target lowered by analysts at Piper Sandler from $37.00 to $35.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 21.53% from the company’s previous close.

AVBH has been the topic of a number of other reports. DA Davidson lifted their price objective on Avidbank from $31.50 to $33.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Weiss Ratings lowered shares of Avidbank from a “buy (b-)” rating to a “hold (c-)” rating in a report on Tuesday, March 17th. Finally, Stephens raised their target price on shares of Avidbank from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.33.

Avidbank Price Performance

Shares of Avidbank stock opened at $28.80 on Thursday. Avidbank has a one year low of $19.75 and a one year high of $31.61. The stock’s fifty day moving average is $28.76 and its 200 day moving average is $27.00. The stock has a market cap of $316.22 million, a P/E ratio of -14.33 and a beta of 0.34. 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 (NASDAQ:AVBH) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). The company had revenue of $26.78 million for the quarter, compared to the consensus estimate of $25.70 million. Avidbank had a negative net margin of 12.88% and a positive return on equity of 9.84%.

Institutional Trading of Avidbank

Several institutional investors have recently made changes to their positions in the business. Quarry LP purchased a new stake in Avidbank during the 3rd quarter valued at approximately $26,000. Kestra Advisory Services LLC purchased a new position in Avidbank during the fourth quarter valued at $36,000. Wells Fargo & Company MN bought a new stake in Avidbank in the 4th quarter valued at $86,000. Barclays PLC purchased a new stake in Avidbank in the 4th quarter worth $123,000. Finally, Citadel Advisors LLC purchased a new stake in Avidbank in the 3rd quarter worth $207,000. Hedge funds and other institutional investors own 15.87% of the company’s stock.

Avidbank Company 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.