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Investing.com - Seaport Global Securities initiated coverage on Avida Bancorp (NASDAQ:AVBC) with a Buy rating and a price target of $18.00.
The price target represents 1.0x price-to-tangible book value for the Boston-Worcester based bank, which is completing its conversion IPO at $10 per share. The 150+ year old institution has never issued capital stock previously and has no established market for its shares.
Seaport Global established fiscal year 2025 earnings estimates of $0.09 per share and fiscal year 2026 estimates of $1.11 per share. The firm’s third-quarter 2025 GAAP EPS estimate of ($0.16) includes a one-time ($0.40) per share charge for a $7.5 million after-tax contribution to a charitable foundation.
At the $10 IPO price, AVBC is priced at 58% of tangible book value and 9 times Seaport Global’s FY26 earnings estimates. This valuation makes it the cheapest bank on a price-to-tangible book basis in the New England Bank peer group.
New England Bank peers with $1 billion to $100 billion in assets currently trade at 131% of tangible book value and 10 times FY26 consensus estimates, according to Seaport Global.
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