CoBiz Financial (COBZ) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of CoBiz Financial (NASDAQ:COBZ) from a buy rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “CoBiz Inc. is a financial holding company headquartered in Denver. The company operates Colorado Business Bank and Arizona Business Bank, full-service commercial banking institutions that offer a broad range of sophisticated banking services including credit, treasury management, investment and deposit products to a targeted customer base of professionals and small to mid-sized businesses. CoBiz also offers trust and fiduciary services through CoBiz Private Asset Management; property and casualty insurance brokerage and risk management consulting services through CoBiz Insurance; investment banking services through Green Manning & Bunch; the management of stock and bond portfolios for individuals and institutions through Alexander Capital Management Group; and employee and executive benefits consulting and wealth transfer services through Financial Designs. “
Several other equities research analysts have also recently weighed in on the company. BidaskClub cut CoBiz Financial from a hold rating to a sell rating in a research report on Friday, February 2nd. Piper Jaffray Companies reiterated a hold rating on shares of CoBiz Financial in a research report on Tuesday, January 30th. Sandler O’Neill set a $24.00 price target on CoBiz Financial and gave the company a buy rating in a research report on Monday, January 29th. ValuEngine upgraded CoBiz Financial from a hold rating to a buy rating in a research report on Sunday, December 31st. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $23.00 price target on shares of CoBiz Financial in a research report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $21.70.
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Monday, January 29th were given a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Friday, January 26th. CoBiz Financial’s dividend payout ratio (DPR) is 27.85%.
Several hedge funds have recently bought and sold shares of COBZ. Wells Fargo & Company MN increased its position in shares of CoBiz Financial by 5.3% in the second quarter. Wells Fargo & Company MN now owns 42,935 shares of the bank’s stock worth $746,000 after purchasing an additional 2,180 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of CoBiz Financial by 23.4% in the second quarter. Alliancebernstein L.P. now owns 45,421 shares of the bank’s stock worth $790,000 after purchasing an additional 8,600 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of CoBiz Financial by 8.4% in the second quarter. New York State Common Retirement Fund now owns 38,600 shares of the bank’s stock worth $672,000 after purchasing an additional 2,999 shares during the last quarter. Northern Trust Corp increased its position in shares of CoBiz Financial by 6.2% in the second quarter. Northern Trust Corp now owns 494,966 shares of the bank’s stock worth $8,612,000 after purchasing an additional 29,067 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of CoBiz Financial by 2.1% in the second quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock worth $29,642,000 after purchasing an additional 35,154 shares during the last quarter. Institutional investors own 81.75% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CoBiz Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial and related companies with MarketBeat.com's FREE daily email newsletter.