Bank of New York Mellon Corp Buys 66,066 Shares of CBIZ, Inc. (CBZ)
Bank of New York Mellon Corp lifted its stake in CBIZ, Inc. (NYSE:CBZ) by 21.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 372,316 shares of the business services provider’s stock after acquiring an additional 66,066 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.70% of CBIZ worth $5,585,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Karp Capital Management Corp bought a new stake in CBIZ during the first quarter worth about $289,000. American International Group Inc. boosted its position in CBIZ by 7.1% during the first quarter. American International Group Inc. now owns 30,401 shares of the business services provider’s stock valued at $412,000 after purchasing an additional 2,013 shares during the last quarter. Ameriprise Financial Inc. boosted its position in CBIZ by 2.6% during the first quarter. Ameriprise Financial Inc. now owns 13,710 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 350 shares during the last quarter. Geode Capital Management LLC boosted its position in CBIZ by 3.3% during the first quarter. Geode Capital Management LLC now owns 430,679 shares of the business services provider’s stock valued at $5,835,000 after purchasing an additional 13,680 shares during the last quarter. Finally, ClariVest Asset Management LLC boosted its position in CBIZ by 80.7% during the second quarter. ClariVest Asset Management LLC now owns 589,575 shares of the business services provider’s stock valued at $8,844,000 after purchasing an additional 263,312 shares during the last quarter. 85.55% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on CBZ. Zacks Investment Research downgraded CBIZ from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub cut CBIZ from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, ValuEngine upgraded CBIZ from a “hold” rating to a “buy” rating in a research note on Friday, September 1st.
In other CBIZ news, insider Chris Spurio sold 16,250 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $15.18, for a total transaction of $246,675.00. Following the transaction, the insider now directly owns 191,293 shares in the company, valued at approximately $2,903,827.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ware H. Grove sold 25,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $15.06, for a total value of $376,500.00. Following the transaction, the insider now owns 282,172 shares in the company, valued at $4,249,510.32. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.
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Shares of CBIZ, Inc. (NYSE CBZ) opened at 16.45 on Wednesday. The company has a market capitalization of $893.68 million, a price-to-earnings ratio of 19.47 and a beta of 0.90. CBIZ, Inc. has a 52-week low of $10.73 and a 52-week high of $16.70. The firm’s 50-day moving average is $15.25 and its 200 day moving average is $14.95.
CBIZ (NYSE:CBZ) last posted its earnings results on Thursday, August 3rd. The business services provider reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. The company had revenue of $211.00 million for the quarter, compared to analyst estimates of $207.42 million. CBIZ had a return on equity of 9.42% and a net margin of 5.54%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. On average, equities research analysts anticipate that CBIZ, Inc. will post $0.87 earnings per share for the current year.
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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