CoBiz Financial Inc. (COBZ) Given Consensus Recommendation of “Buy” by Brokerages
Shares of CoBiz Financial Inc. (NASDAQ:COBZ) have been assigned a consensus rating of “Buy” from the eight analysts that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $19.13.
A number of equities analysts have recently issued reports on the company. Piper Jaffray Companies reissued a “hold” rating and set a $19.50 target price on shares of CoBiz Financial in a research note on Wednesday, July 26th. BidaskClub raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised CoBiz Financial from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Tuesday, September 5th. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, DA Davidson reissued a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 21st.
Shares of CoBiz Financial (NASDAQ COBZ) opened at 18.27 on Friday. CoBiz Financial has a 52-week low of $12.40 and a 52-week high of $18.85. The stock has a market capitalization of $755.67 million, a PE ratio of 20.53 and a beta of 1.20. The stock has a 50 day moving average price of $17.12 and a 200-day moving average price of $16.79.
CoBiz Financial (NASDAQ:COBZ) last issued its earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $40.32 million during the quarter, compared to the consensus estimate of $39.88 million. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. On average, equities research analysts anticipate that CoBiz Financial will post $0.92 EPS for the current fiscal year.
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In related news, CEO Steven Bangert sold 8,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 1,016,242 shares of the company’s stock, valued at approximately $17,906,184.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Richard J. Dalton sold 10,000 shares of the firm’s 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 transaction, 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 a total of 27,543 shares of company stock valued at $488,016 over the last ninety days. 9.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COBZ. Janus Henderson Group PLC purchased a new position in CoBiz Financial in the 2nd quarter valued at approximately $19,512,000. Wellington Management Group LLP increased its stake in CoBiz Financial by 22.9% in the 1st quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock valued at $47,363,000 after purchasing an additional 524,536 shares in the last quarter. Hartford Investment Management Co. purchased a new position in CoBiz Financial in the 2nd quarter valued at approximately $3,035,000. Goldman Sachs Group Inc. increased its stake in CoBiz Financial by 8.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after purchasing an additional 136,467 shares in the last quarter. Finally, Macquarie Group Ltd. increased its stake in CoBiz Financial by 10.4% in the 2nd quarter. Macquarie Group Ltd. now owns 1,147,268 shares of the bank’s stock valued at $19,962,000 after purchasing an additional 108,361 shares in the last quarter. 82.93% of the stock is owned by hedge funds and other 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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