Seaport Global initiates Avida Bancorp stock with Buy rating, $18 target

Published 21/07/2025, 13:54
Seaport Global initiates Avida Bancorp stock with Buy rating, $18 target

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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