CoBiz Financial Inc. (COBZ) Cut to Hold at Zacks Investment Research
CoBiz Financial Inc. (NASDAQ:COBZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
Other analysts have also issued reports about the stock. Piper Jaffray Companies restated a “hold” rating and set a $19.50 target price on shares of CoBiz Financial in a research note on Wednesday, July 26th. BidaskClub upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, DA Davidson restated a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 21st. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $18.88.
CoBiz Financial (NASDAQ COBZ) traded up 1.35% on Friday, reaching $17.25. 344,870 shares of the company’s stock were exchanged. The stock has a market cap of $713.48 million, a price-to-earnings ratio of 19.38 and a beta of 1.20. The firm has a 50 day moving average of $17.14 and a 200-day moving average of $16.80. CoBiz Financial has a one year low of $12.40 and a one year high of $18.85.
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. The company had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.09%. Equities research analysts forecast that CoBiz Financial will post $0.92 EPS for the current fiscal year.
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In other news, CEO Steven Bangert sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $17.62, for a total value of $140,960.00. Following the completion of the sale, the chief executive officer now directly owns 1,016,242 shares of the company’s stock, valued at $17,906,184.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Richard J. Dalton sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $17.80, for a total value of $178,000.00. Following the completion of the sale, the chief operating officer now directly owns 84,082 shares of the company’s stock, valued at $1,496,659.60. The disclosure for this sale can be found here. Insiders sold 27,543 shares of company stock worth $488,016 over the last quarter. 9.90% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of COBZ. Janus Henderson Group PLC acquired a new stake in shares of CoBiz Financial in the second quarter valued at approximately $19,512,000. Wellington Management Group LLP boosted its holdings in shares of CoBiz Financial by 22.9% in the first quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock valued at $47,363,000 after acquiring an additional 524,536 shares during the period. Hartford Investment Management Co. acquired a new stake in shares of CoBiz Financial in the second quarter valued at approximately $3,035,000. Goldman Sachs Group Inc. boosted its holdings in shares of CoBiz Financial by 8.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after acquiring an additional 136,467 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in shares of CoBiz Financial by 10.4% in the second quarter. Macquarie Group Ltd. now owns 1,147,268 shares of the bank’s stock valued at $19,962,000 after acquiring an additional 108,361 shares during the period. 82.93% of the stock is owned by institutional investors and hedge funds.
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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