CoBiz Financial (COBZ) Cut to Sell at BidaskClub
BidaskClub downgraded shares of CoBiz Financial (NASDAQ:COBZ) from a hold rating to a sell rating in a research report report published on Friday morning.
Several other equities research analysts also recently weighed in on COBZ. ValuEngine raised CoBiz Financial from a hold rating to a buy rating in a report 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 report 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 report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. CoBiz Financial currently has a consensus rating of Buy and a consensus price target of $21.13.
Shares of CoBiz Financial (COBZ) traded up $0.27 during mid-day trading on Friday, hitting $20.40. The company’s stock had a trading volume of 75,700 shares, compared to its average volume of 104,775. The firm has a market cap of $861.56, a P/E ratio of 22.42, a PEG ratio of 1.71 and a beta of 1.26. CoBiz Financial has a 52-week low of $15.39 and a 52-week high of $22.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94.
CoBiz Financial (NASDAQ:COBZ) last issued its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.04. The firm had revenue of $42.76 million for the quarter, compared to the consensus estimate of $41.13 million. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%. analysts expect that CoBiz Financial will post 0.97 EPS for the current fiscal year.
In related news, Director Mary Beth Vitale sold 2,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 2,715 shares of the company’s stock, valued at approximately $55,901.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert Ostertag sold 17,176 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $20.90, for a total value of $358,978.40. Following the sale, the insider now directly owns 53,445 shares in the company, valued at approximately $1,117,000.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,205 shares of company stock worth $1,086,023. 9.90% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC acquired a new position in CoBiz Financial during the 2nd quarter worth about $19,512,000. Victory Capital Management Inc. acquired a new position in CoBiz Financial during the 3rd quarter worth about $9,550,000. Jupiter Asset Management Ltd. lifted its holdings in CoBiz Financial by 529.3% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 244,777 shares of the bank’s stock worth $4,807,000 after buying an additional 205,879 shares during the period. Macquarie Group Ltd. lifted its holdings in CoBiz Financial by 13.9% during the 3rd quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock worth $25,665,000 after buying an additional 159,512 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in CoBiz Financial by 8.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock worth $31,688,000 after buying an additional 136,467 shares during the period. 82.89% of the stock is currently owned by institutional investors.
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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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