CoBiz Financial (COBZ) Downgraded to “Sell” at BidaskClub
CoBiz Financial (NASDAQ:COBZ) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
A number of other equities analysts have also weighed in on COBZ. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research raised CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective on the stock in a research note on Friday, December 29th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $23.00 price objective on shares of CoBiz Financial in a research note on Friday, December 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $21.13.
CoBiz Financial (NASDAQ:COBZ) traded up $0.27 during midday trading on Friday, reaching $20.40. The company’s stock had a trading volume of 69,253 shares, compared to its average volume of 94,053. The firm has a market capitalization of $850.16, a price-to-earnings ratio of 22.42, a P/E/G ratio of 1.69 and a beta of 1.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. CoBiz Financial has a one year low of $15.39 and a one year high of $22.01.
In other news, COO Richard J. Dalton sold 10,004 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $20.76, for a total value of $207,683.04. Following the transaction, the chief operating officer now owns 74,078 shares of the company’s stock, valued at approximately $1,537,859.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott Page sold 5,307 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 60,239 shares in the company, valued at approximately $1,255,380.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,205 shares of company stock worth $1,086,023. Corporate insiders own 9.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Legal & General Group Plc lifted its stake in shares of CoBiz Financial by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after purchasing an additional 371 shares during the last quarter. GSA Capital Partners LLP acquired a new position in CoBiz Financial during the 3rd quarter worth about $206,000. Keybank National Association OH acquired a new position in CoBiz Financial during the 3rd quarter worth about $224,000. Parametric Portfolio Associates LLC lifted its stake in CoBiz Financial by 16.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock worth $261,000 after acquiring an additional 2,105 shares in the last quarter. Finally, Menta Capital LLC acquired a new position in CoBiz Financial during the 2nd quarter worth about $358,000. 82.89% of the stock is currently owned by institutional investors and hedge funds.
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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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