Zacks: Analysts Anticipate CoBiz Financial Inc (COBZ) Will Announce Quarterly Sales of $43.30 Million

Brokerages forecast that CoBiz Financial Inc (NASDAQ:COBZ) will report sales of $43.30 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for CoBiz Financial’s earnings, with the highest sales estimate coming in at $43.89 million and the lowest estimate coming in at $42.70 million. CoBiz Financial reported sales of $38.41 million during the same quarter last year, which indicates a positive year-over-year growth rate of 12.7%. The company is expected to announce its next earnings results on Thursday, April 26th.

On average, analysts expect that CoBiz Financial will report full year sales of $43.30 million for the current fiscal year, with estimates ranging from $179.60 million to $181.65 million. For the next year, analysts expect that the business will post sales of $195.46 million per share. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for CoBiz Financial.

COBZ has been the topic of a number of research analyst reports. BidaskClub lowered CoBiz Financial from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. Zacks Investment Research raised CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $23.00 price target on shares of CoBiz Financial in a research note on Friday, December 22nd. Finally, ValuEngine lowered CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. CoBiz Financial currently has a consensus rating of “Buy” and an average target price of $21.13.

In related news, Director Mary Beth Vitale sold 2,000 shares of CoBiz Financial 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 transaction, the director now owns 2,715 shares in the company, valued at $55,901.85. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Steven Bangert sold 2,883 shares of CoBiz Financial stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $20.45, for a total value of $58,957.35. Following the transaction, the chief executive officer now owns 1,008,359 shares in the company, valued at approximately $20,620,941.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,883 shares of company stock worth $141,097. 9.90% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Simplex Trading LLC purchased a new position in CoBiz Financial during the fourth quarter worth approximately $116,000. Legal & General Group Plc lifted its position in CoBiz Financial by 4.2% during the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after buying an additional 371 shares in the last quarter. GSA Capital Partners LLP purchased a new position in CoBiz Financial during the third quarter worth approximately $206,000. Keybank National Association OH purchased a new stake in CoBiz Financial in the third quarter valued at $224,000. Finally, Parametric Portfolio Associates LLC raised its position in CoBiz Financial by 16.3% in the second quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock valued at $261,000 after purchasing an additional 2,105 shares during the period. Hedge funds and other institutional investors own 82.96% of the company’s stock.

Shares of CoBiz Financial (COBZ) opened at $20.75 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $854.52, a P/E ratio of 23.06, a PEG ratio of 1.79 and a beta of 1.26. CoBiz Financial has a 12 month low of $15.39 and a 12 month high of $22.01.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 5th. Investors of record on Monday, January 29th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Friday, January 26th. This represents a $0.22 dividend on an annualized basis and a yield of 1.06%. CoBiz Financial’s payout ratio is 24.44%.

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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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