CoBiz Financial (COBZ) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of CoBiz Financial (NASDAQ:COBZ) from a buy rating to a hold rating in a report issued on Wednesday 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 brokerages have also issued reports on COBZ. BidaskClub upgraded shares of CoBiz Financial from a sell rating to a hold rating in a report on Saturday, March 17th. Piper Jaffray restated a hold rating on shares of CoBiz Financial in a report on Tuesday, January 30th. Sandler O’Neill set a $24.00 price objective on shares of CoBiz Financial and gave the company a buy rating in a report on Monday, January 29th. Finally, ValuEngine upgraded shares of CoBiz Financial from a hold rating to a buy rating in a report on Wednesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $22.38.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings data on Thursday, April 26th. The bank reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. The firm had revenue of $43.57 million for the quarter, compared to analyst estimates of $43.66 million. CoBiz Financial had a net margin of 20.43% and a return on equity of 13.50%. analysts expect that CoBiz Financial will post 1.23 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 14th. Investors of record on Monday, May 7th were issued a $0.10 dividend. This is a positive change from CoBiz Financial’s previous quarterly dividend of $0.06. This represents a $0.40 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, May 4th. CoBiz Financial’s payout ratio is 42.11%.
In other CoBiz Financial news, insider Christopher S. Huss sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $19.73, for a total transaction of $49,325.00. Following the sale, the insider now directly owns 32,868 shares in the company, valued at $648,485.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Pass sold 1,250 shares of the business’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $20.21, for a total transaction of $25,262.50. Following the sale, the executive vice president now owns 13,568 shares in the company, valued at $274,209.28. The disclosure for this sale can be found here. Insiders have sold 17,691 shares of company stock worth $352,013 over the last quarter. Insiders own 9.47% of the company’s stock.
Large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. purchased a new stake in CoBiz Financial during the first quarter worth about $204,000. Teacher Retirement System of Texas purchased a new stake in CoBiz Financial during the fourth quarter worth about $258,000. C M Bidwell & Associates Ltd. purchased a new stake in CoBiz Financial during the fourth quarter worth about $277,000. Stone Ridge Asset Management LLC purchased a new stake in CoBiz Financial during the fourth quarter worth about $293,000. Finally, MetLife Investment Advisors LLC purchased a new stake in CoBiz Financial during the fourth quarter worth about $356,000. Institutional investors own 83.43% of the company’s stock.
About CoBiz Financial
CoBiz Financial Inc, a diversified financial services company, provides various financial products and services in the United States. It operates through Commercial Banking and Fee-Based Lines segments. The Commercial Banking segment offers commercial, real estate, and private banking services, as well as treasury management, interest-rate hedging, and depository products.
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