Schwab Charles Investment Management Inc. boosted its position in shares of CBIZ, Inc. (NYSE:CBZ) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 377,396 shares of the business services provider’s stock after buying an additional 5,375 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.69% of CBIZ worth $5,831,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in CBIZ by 2.2% during the third quarter. Bank of New York Mellon Corp now owns 380,689 shares of the business services provider’s stock valued at $6,186,000 after buying an additional 8,373 shares during the period. Macquarie Group Ltd. purchased a new position in CBIZ during the third quarter valued at $365,000. ClariVest Asset Management LLC lifted its holdings in CBIZ by 3.4% during the third quarter. ClariVest Asset Management LLC now owns 609,568 shares of the business services provider’s stock valued at $9,905,000 after purchasing an additional 19,993 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in CBIZ during the third quarter valued at $293,000. Finally, State Street Corp lifted its holdings in CBIZ by 6.0% during the second quarter. State Street Corp now owns 1,000,676 shares of the business services provider’s stock valued at $15,016,000 after purchasing an additional 56,421 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.
CBIZ, Inc. (NYSE CBZ) opened at $19.00 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1,058.92, a price-to-earnings ratio of 22.13 and a beta of 0.70. CBIZ, Inc. has a twelve month low of $13.40 and a twelve month high of $19.65.
CBIZ declared that its board has authorized a stock buyback program on Wednesday, February 14th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Several equities analysts have issued reports on CBZ shares. Zacks Investment Research raised shares of CBIZ from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Wednesday, February 21st. ValuEngine downgraded shares of CBIZ from a “buy” rating to a “hold” rating in a report on Friday, December 1st.
In other news, Director Steven L. Gerard sold 26,423 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $15.03, for a total value of $397,137.69. Following the transaction, the director now directly owns 349,906 shares of the company’s stock, valued at $5,259,087.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ware H. Grove sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $18.35, for a total transaction of $458,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 161,370 shares of company stock worth $2,849,227. 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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