CoBiz Financial Inc. (NASDAQ:COBZ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The brokerage presently has a $24.00 target price on the bank’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 16.00% from the stock’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. “

Several other brokerages have also recently issued reports on COBZ. BidaskClub upgraded CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine upgraded CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. 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 objective on shares of CoBiz Financial in a research note on Wednesday, July 26th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. CoBiz Financial presently has an average rating of “Buy” and a consensus price target of $20.13.

Shares of CoBiz Financial (NASDAQ:COBZ) remained flat at $20.69 on Tuesday. The company had a trading volume of 141,481 shares. The company has a 50-day moving average of $18.55 and a 200-day moving average of $17.27. CoBiz Financial has a 12 month low of $12.40 and a 12 month high of $21.18. The stock has a market capitalization of $855.76 million, a PE ratio of 23.25 and a beta of 1.24.

CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.04. CoBiz Financial had a return on equity of 12.24% and a net margin of 21.95%. The firm had revenue of $42.76 million for the quarter, compared to analysts’ expectations of $41.13 million. Equities analysts anticipate that CoBiz Financial will post $0.95 earnings per share 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 on Tuesday, August 8th. The stock was sold at an average price of $17.62, for a total transaction of $140,960.00. Following the transaction, the chief executive officer now directly owns 1,016,242 shares in the company, valued at $17,906,184.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.90% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Sit Investment Associates Inc. lifted its stake in CoBiz Financial by 14.8% in the second quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock valued at $355,000 after buying an additional 2,625 shares during the last quarter. Swiss National Bank lifted its stake in CoBiz Financial by 4.8% in the first quarter. Swiss National Bank now owns 61,500 shares of the bank’s stock valued at $1,033,000 after buying an additional 2,800 shares during the last quarter. Citadel Advisors LLC lifted its stake in CoBiz Financial by 137.6% in the second quarter. Citadel Advisors LLC now owns 61,764 shares of the bank’s stock valued at $1,075,000 after buying an additional 35,764 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in CoBiz Financial by 5.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 157,980 shares of the bank’s stock valued at $2,655,000 after buying an additional 8,667 shares during the last quarter. Finally, Legato Capital Management LLC lifted its stake in CoBiz Financial by 890.1% in the second quarter. Legato Capital Management LLC now owns 40,545 shares of the bank’s stock valued at $705,000 after buying an additional 36,450 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

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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