CBIZ (CBZ) Board Initiates Stock Repurchase Program

CBIZ (NYSE:CBZ) announced that its board has authorized a stock repurchase plan, which authorizes the company to repurchase 5,000,000 shares on Wednesday, February 14th, EventVestor reports. This repurchase authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

CBIZ (NYSE CBZ) traded up $1.90 on Thursday, reaching $18.15. 53,149 shares of the company’s stock traded hands, compared to its average volume of 207,140. CBIZ has a 12-month low of $13.00 and a 12-month high of $18.25. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $883.10, a P/E ratio of 19.63 and a beta of 0.82.

CBIZ (NYSE:CBZ) last posted its quarterly earnings results on Thursday, February 15th. The business services provider reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.03. CBIZ had a net margin of 5.34% and a return on equity of 8.94%. The firm had revenue of $195.00 million during the quarter, compared to the consensus estimate of $191.40 million. During the same period in the previous year, the firm posted ($0.01) earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. analysts forecast that CBIZ will post 0.84 earnings per share for the current fiscal year.

Several equities research analysts have weighed in on the stock. Zacks Investment Research raised shares of CBIZ from a “sell” rating to a “hold” rating in a research note on Wednesday. ValuEngine downgraded shares of CBIZ from a “buy” rating to a “hold” rating in a research note on Friday, December 1st.

In other news, Director Steven L. Gerard sold 9,899 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $15.00, for a total transaction of $148,485.00. Following the completion of the sale, the director now directly owns 333,382 shares of the company’s stock, valued at $5,000,730. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven L. Gerard sold 33,731 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $15.02, for a total transaction of $506,639.62. Following the sale, the director now directly owns 349,363 shares of the company’s stock, valued at $5,247,432.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,053 shares of company stock valued at $1,575,512. Insiders own 6.90% of the company’s stock.

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CBIZ Company Profile

CBIZ, Inc (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States.

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