CoBiz Financial Inc. (NASDAQ:COBZ) Stock Rating Reaffirmed by DA Davidson
CoBiz Financial Inc. (NASDAQ:COBZ)‘s stock had its “neutral” rating reissued by equities researchers at DA Davidson in a research report issued to clients and investors on Friday.
Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods restated a “buy” rating and issued a $18.00 target price on shares of CoBiz Financial in a research report on Tuesday, May 2nd. ValuEngine raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. BidaskClub downgraded shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research downgraded shares of CoBiz Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, March 29th. Finally, Piper Jaffray Companies began coverage on shares of CoBiz Financial in a research note on Thursday, April 13th. They set a “neutral” rating and a $18.50 target price for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. CoBiz Financial currently has an average rating of “Hold” and a consensus price target of $17.63.
Shares of CoBiz Financial (COBZ) opened at 17.59 on Friday. The company’s 50-day moving average price is $16.78 and its 200-day moving average price is $16.82. CoBiz Financial has a 52-week low of $11.80 and a 52-week high of $18.85. The firm has a market capitalization of $726.78 million, a P/E ratio of 20.45 and a beta of 1.20.
CoBiz Financial (NASDAQ:COBZ) last announced its earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.02. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.26%. The firm had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. On average, equities research analysts expect that CoBiz Financial will post $0.88 EPS for the current fiscal year.
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In related news, insider Christopher S. Huss sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $17.35, for a total transaction of $86,750.00. Following the sale, the insider now owns 36,002 shares of the company’s stock, valued at approximately $624,634.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven Bangert sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $16.41, for a total transaction of $164,100.00. Following the sale, the chief executive officer now directly owns 1,024,242 shares in the company, valued at approximately $16,807,811.22. The disclosure for this sale can be found here. In the last three months, insiders sold 25,004 shares of company stock worth $413,887. Insiders own 9.90% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC purchased a new stake in shares of CoBiz Financial during the second quarter valued at $180,000. Spark Investment Management LLC bought a new position in shares of CoBiz Financial during the first quarter valued at approximately $212,000. Parametric Portfolio Associates LLC raised its position in shares of CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock valued at $217,000 after buying an additional 504 shares during the period. Sit Investment Associates Inc. bought a new position in shares of CoBiz Financial during the first quarter valued at approximately $298,000. Finally, American International Group Inc. raised its position in shares of CoBiz Financial by 7.1% in the first quarter. American International Group Inc. now owns 22,906 shares of the bank’s stock valued at $385,000 after buying an additional 1,517 shares during the period. 81.56% of the stock is owned by institutional investors.
CoBiz Financial Company Profile
CoBiz Financial Inc is a financial holding company. The Company provides a range of banking and related services through its subsidiaries, CoBiz Bank (Bank), CoBiz Insurance, Inc and CoBiz IM, Inc (CoBiz IM). The Company’s segments include Commercial Banking, Fee-Based Lines, and Corporate Support and Other.
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