CoBiz Financial Inc. (COBZ) Expected to Post Quarterly Sales of $41.13 Million
Equities analysts forecast that CoBiz Financial Inc. (NASDAQ:COBZ) will post sales of $41.13 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for CoBiz Financial’s earnings, with estimates ranging from $40.76 million to $41.50 million. CoBiz Financial reported sales of $38.69 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.3%. The company is scheduled to announce its next earnings report after the market closes on Thursday, October 19th.
On average, analysts expect that CoBiz Financial will report full-year sales of $41.13 million for the current financial year, with estimates ranging from $161.01 million to $162.60 million. For the next fiscal year, analysts forecast that the business will report sales of $176.81 million per share, with estimates ranging from $176.22 million to $177.40 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $40.32 million for the quarter, compared to analysts’ expectations of $39.88 million. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%.
A number of research firms have recently issued reports on COBZ. Piper Jaffray Companies reiterated a “hold” rating and issued a $19.50 target price on shares of CoBiz Financial in a research note on Wednesday, July 26th. Zacks Investment Research cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 4th. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. BidaskClub cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, DA Davidson reiterated 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 given a buy rating to the stock. CoBiz Financial has an average rating of “Hold” and an average price target of $19.13.
In related news, CEO Steven Bangert sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were 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 owns 1,016,242 shares in the company, valued at approximately $17,906,184.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Richard J. Dalton sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $17.80, for a total transaction of $178,000.00. Following the completion of the transaction, the chief operating officer now owns 84,082 shares of the company’s stock, valued at approximately $1,496,659.60. The disclosure for this sale can be found here. Insiders sold 27,543 shares of company stock valued at $488,016 in the last quarter. 9.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Martin & Co. Inc. TN raised its position in CoBiz Financial by 0.6% in the 2nd quarter. Martin & Co. Inc. TN now owns 70,424 shares of the bank’s stock worth $1,225,000 after purchasing an additional 415 shares during the last quarter. State Street Corp raised its position in CoBiz Financial by 7.0% in the 2nd quarter. State Street Corp now owns 703,050 shares of the bank’s stock worth $12,233,000 after purchasing an additional 46,139 shares during the last quarter. Janus Henderson Group PLC bought a new position in CoBiz Financial in the 2nd quarter worth approximately $19,512,000. Macquarie Group Ltd. raised its position in CoBiz Financial by 10.4% in the 2nd quarter. Macquarie Group Ltd. now owns 1,147,268 shares of the bank’s stock worth $19,962,000 after purchasing an additional 108,361 shares during the last quarter. Finally, Broadview Advisors LLC raised its position in CoBiz Financial by 0.8% in the 2nd quarter. Broadview Advisors LLC now owns 1,058,118 shares of the bank’s stock worth $18,411,000 after purchasing an additional 8,350 shares during the last quarter. Hedge funds and other institutional investors own 82.93% of the company’s stock.
Shares of CoBiz Financial (NASDAQ:COBZ) opened at 19.38 on Thursday. The firm has a market capitalization of $801.58 million, a PE ratio of 21.78 and a beta of 1.24. The stock’s 50 day moving average price is $17.88 and its 200-day moving average price is $17.05. CoBiz Financial has a 12 month low of $12.40 and a 12 month high of $19.82.
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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