CoBiz Financial Inc. (NASDAQ:COBZ) 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 $20.00 price target on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.23% from the company’s previous close.

According to Zacks, “CoBiz Inc. is a financial holding company headquartered in Denver. The company operates Colorado Business Bank and Arizona Business Bank, full-service commercial banking institutions that offer a broad range of sophisticated banking services including credit, treasury management, investment and deposit products to a targeted customer base of professionals and small to mid-sized businesses. CoBiz also offers trust and fiduciary services through CoBiz Private Asset Management; property and casualty insurance brokerage and risk management consulting services through CoBiz Insurance; investment banking services through Green Manning & Bunch; the management of stock and bond portfolios for individuals and institutions through Alexander Capital Management Group; and employee and executive benefits consulting and wealth transfer services through Financial Designs. “

COBZ has been the subject of a number of other reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $18.00 price target on shares of CoBiz Financial in a research note on Tuesday, May 2nd. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Piper Jaffray Companies started coverage on CoBiz Financial in a research note on Thursday, April 13th. They set a “neutral” rating and a $18.50 price target for the company. DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a research report on Friday, July 21st. Finally, BidaskClub lowered CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $19.13.

Shares of CoBiz Financial (NASDAQ COBZ) traded down 1.11% during trading on Wednesday, hitting $17.82. The company had a trading volume of 68,763 shares. The company has a market capitalization of $736.29 million, a P/E ratio of 20.18 and a beta of 1.20. CoBiz Financial has a 52 week low of $11.80 and a 52 week high of $18.15. The stock’s 50-day moving average price is $16.86 and its 200 day moving average price is $16.84.

CoBiz Financial (NASDAQ:COBZ) last issued its quarterly 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 return on equity of 12.26% and a net margin of 21.97%. The firm had revenue of $40.32 million during the quarter, compared to analyst estimates of $39.88 million. On average, equities research analysts forecast that CoBiz Financial will post $0.92 earnings per share for the current year.

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In other CoBiz Financial news, Director Evan Makovsky sold 3,500 shares of CoBiz Financial stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $16.60, for a total transaction of $58,100.00. Following the completion of the sale, the director now directly owns 38,687 shares of the company’s stock, valued at approximately $642,204.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Robert Ostertag sold 3,976 shares of CoBiz Financial stock in a transaction on Friday, May 12th. The shares were sold at an average price of $16.02, for a total value of $63,695.52. Following the sale, the insider now directly owns 68,930 shares of the company’s stock, valued at $1,104,258.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,004 shares of company stock valued at $413,887. 9.90% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Dalton Greiner Hartman Maher & Co. increased its position in shares of CoBiz Financial by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 75,915 shares of the bank’s stock valued at $1,275,000 after buying an additional 284 shares in the last quarter. State Street Corp increased its position in shares of CoBiz Financial by 4.1% in the fourth quarter. State Street Corp now owns 636,216 shares of the bank’s stock valued at $10,744,000 after buying an additional 25,178 shares in the last quarter. Teachers Advisors LLC increased its position in shares of CoBiz Financial by 14.7% in the fourth quarter. Teachers Advisors LLC now owns 86,010 shares of the bank’s stock valued at $1,453,000 after buying an additional 11,022 shares in the last quarter. Stifel Financial Corp increased its position in shares of CoBiz Financial by 6.6% in the first quarter. Stifel Financial Corp now owns 240,550 shares of the bank’s stock valued at $4,039,000 after buying an additional 14,942 shares in the last quarter. Finally, Sit Investment Associates Inc. bought a new position in shares of CoBiz Financial during the first quarter worth $298,000. 81.56% of the stock is owned by institutional investors and hedge funds.

About CoBiz Financial

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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Analyst Recommendations for CoBiz Financial (NASDAQ:COBZ)

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