CoBiz Financial Inc. (COBZ) Downgraded by BidaskClub to “Hold”
CoBiz Financial Inc. (NASDAQ:COBZ) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday.
COBZ has been the topic of a number of other research reports. Zacks Investment Research lowered shares of CoBiz Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. Keefe, Bruyette & Woods restated a “buy” rating and set a $18.00 price target on shares of CoBiz Financial in a research note on Tuesday, May 2nd. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. DA Davidson restated a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 21st. Finally, Piper Jaffray Companies restated a “hold” rating and set a $19.50 price target on shares of CoBiz Financial in a research note on Wednesday, July 26th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.13.
Shares of CoBiz Financial (NASDAQ:COBZ) traded down 1.29% during midday trading on Friday, reaching $16.87. 73,809 shares of the company traded hands. CoBiz Financial has a 1-year low of $11.80 and a 1-year high of $18.85. The company has a 50 day moving average price of $17.32 and a 200 day moving average price of $16.89. The company has a market capitalization of $697.76 million, a PE ratio of 18.96 and a beta of 1.20.
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, beating 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 12.09%. The business had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. On average, analysts expect that CoBiz Financial will post $0.92 earnings per share for the current year.
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In other news, CEO Steven Bangert sold 10,000 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $16.41, for a total value of $164,100.00. Following the sale, the chief executive officer now directly owns 1,024,242 shares of the company’s stock, valued at approximately $16,807,811.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher S. Huss sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 36,002 shares in the company, valued at $624,634.70. The disclosure for this sale can be found here. Insiders sold a total of 43,571 shares of company stock worth $755,057 over the last ninety days. Insiders own 9.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in COBZ. Legal & General Group Plc increased its stake in CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after buying an additional 371 shares during the period. Aperio Group LLC acquired a new stake in CoBiz Financial during the second quarter valued at approximately $180,000. Spark Investment Management LLC acquired a new stake in CoBiz Financial during the first quarter valued at approximately $212,000. Parametric Portfolio Associates LLC increased its stake in 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. Finally, BSW Wealth Partners increased its stake in CoBiz Financial by 0.3% in the second quarter. BSW Wealth Partners now owns 14,399 shares of the bank’s stock valued at $251,000 after buying an additional 43 shares during the period. 81.62% of the stock is currently 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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