CBIZ Inc. (CBZ) Upgraded to “Buy” at Zacks Investment Research
CBIZ Inc. (NYSE:CBZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $12.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 7.62% from the stock’s previous close.
According to Zacks, “CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, merger and acquisition advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states. “
Separately, Sidoti assumed coverage on CBIZ in a research note on Tuesday, July 19th. They set a “buy” rating on the stock.
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Shares of CBIZ (NYSE:CBZ) traded up 0.36% during trading on Wednesday, reaching $11.15. The company’s stock had a trading volume of 68,103 shares. The firm has a market cap of $585.37 million, a P/E ratio of 15.70 and a beta of 0.67. The stock’s 50 day moving average is $11.30 and its 200 day moving average is $10.61. CBIZ has a one year low of $9.30 and a one year high of $11.82.
CBIZ (NYSE:CBZ) last posted its earnings results on Tuesday, August 2nd. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.01. CBIZ had a net margin of 4.94% and a return on equity of 11.75%. The business had revenue of $197 million for the quarter, compared to analysts’ expectations of $198.70 million. During the same period last year, the firm posted $0.13 earnings per share. CBIZ’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts forecast that CBIZ will post $0.75 EPS for the current fiscal year.
In related news, CEO Jerome P. Grisko sold 9,090 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $11.08, for a total value of $100,717.20. Following the sale, the chief executive officer now directly owns 519,074 shares of the company’s stock, valued at $5,751,339.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Chris Spurio sold 7,000 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $11.60, for a total value of $81,200.00. Following the completion of the sale, the insider now directly owns 186,140 shares in the company, valued at $2,159,224. The disclosure for this sale can be found here. 7.20% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Emerald Acquisition Ltd. bought a new stake in CBIZ during the second quarter worth approximately $3,169,000. Swiss National Bank boosted its stake in CBIZ by 6.3% in the second quarter. Swiss National Bank now owns 81,100 shares of the company’s stock worth $844,000 after buying an additional 4,800 shares in the last quarter. First Manhattan Co. boosted its stake in CBIZ by 1.8% in the second quarter. First Manhattan Co. now owns 2,894,930 shares of the company’s stock worth $30,136,000 after buying an additional 52,029 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its stake in CBIZ by 43.8% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 210,345 shares of the company’s stock worth $2,190,000 after buying an additional 64,056 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in CBIZ by 7.2% in the first quarter. Royal Bank of Canada now owns 62,977 shares of the company’s stock worth $635,000 after buying an additional 4,209 shares in the last quarter. 84.62% of the stock is currently owned by institutional investors.
CBIZ, Inc is engaged in providing professional business services, products and solutions to businesses, as well as individuals, governmental entities and not-for-profit enterprises, throughout the United States and parts of Canada. The Company’s business units are aggregated into three practice groups: Financial Services, National Practices and Employee Services.
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