CoBiz Financial (COBZ) Cut to Buy at BidaskClub
CoBiz Financial (NASDAQ:COBZ) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.
Several other brokerages have also weighed in on COBZ. Zacks Investment Research raised CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a report on Tuesday, October 24th. ValuEngine lowered CoBiz Financial from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. CoBiz Financial presently has a consensus rating of “Buy” and an average price target of $20.13.
Shares of CoBiz Financial (COBZ) traded down $0.26 during midday trading on Thursday, hitting $20.46. The stock had a trading volume of 103,331 shares, compared to its average volume of 143,134. CoBiz Financial has a twelve month low of $15.39 and a twelve month high of $22.01. The stock has a market capitalization of $864.09, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.14 and a beta of 1.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94.
In other news, Director Mary Beth Vitale sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $20.59, for a total transaction of $41,180.00. Following the completion of the transaction, the director now directly owns 2,715 shares of the company’s stock, valued at $55,901.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Page sold 5,307 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $20.84, for a total value of $110,597.88. Following the transaction, the chief executive officer now directly owns 60,239 shares of the company’s stock, valued at $1,255,380.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,205 shares of company stock valued at $1,086,023. 9.90% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of COBZ. Janus Henderson Group PLC bought a new position in shares of CoBiz Financial during the second quarter valued at approximately $19,512,000. Victory Capital Management Inc. acquired a new position in shares of CoBiz Financial during the third quarter worth approximately $9,550,000. Jupiter Asset Management Ltd. boosted its position in shares of CoBiz Financial by 529.3% during the third quarter. Jupiter Asset Management Ltd. now owns 244,777 shares of the bank’s stock worth $4,807,000 after buying an additional 205,879 shares during the period. Macquarie Group Ltd. boosted its position in shares of CoBiz Financial by 13.9% during the third quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock worth $25,665,000 after buying an additional 159,512 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of CoBiz Financial by 8.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock worth $31,688,000 after buying an additional 136,467 shares during the period. 82.89% of the stock is owned by institutional investors.
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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