CoBiz Financial Inc. (COBZ) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $20.00 price objective on the bank’s stock.
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. “
A number of other equities analysts have also commented on the stock. Piper Jaffray Companies started coverage on shares of CoBiz Financial in a research report on Thursday, April 13th. They set a neutral rating and a $18.50 price target on the stock. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $19.00 price target on shares of CoBiz Financial in a research report on Wednesday, April 5th. ValuEngine raised shares of CoBiz Financial from a hold rating to a buy rating in a research report on Thursday, June 15th. DA Davidson reaffirmed a neutral rating on shares of CoBiz Financial in a research report on Friday, July 21st. Finally, BidaskClub lowered shares of CoBiz Financial from a buy rating to a hold rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $19.13.
Shares of CoBiz Financial (COBZ) opened at 17.49 on Wednesday. The company has a 50-day moving average of $17.05 and a 200-day moving average of $16.86. CoBiz Financial has a 1-year low of $11.80 and a 1-year high of $18.85. The company has a market cap of $722.65 million, a PE ratio of 19.81 and a beta of 1.20.
CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.26%. The business had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. Equities analysts forecast that CoBiz Financial will post $0.92 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 31st will be issued a $0.055 dividend. This is a positive change from CoBiz Financial’s previous quarterly dividend of $0.05. This represents a $0.22 annualized dividend and a yield of 1.26%. The ex-dividend date is Thursday, July 27th. CoBiz Financial’s dividend payout ratio (DPR) is currently 24.72%.
In other CoBiz Financial news, COO Richard J. Dalton sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.80, for a total value of $178,000.00. Following the transaction, the chief operating officer now directly owns 84,082 shares of the company’s stock, valued at approximately $1,496,659.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert Ostertag sold 3,976 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $16.02, for a total transaction of $63,695.52. Following the completion of the transaction, the insider now directly owns 68,930 shares in the company, valued at $1,104,258.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,554 shares of company stock worth $743,258. Insiders own 9.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in CoBiz Financial by 4.1% in the fourth quarter. State Street Corp now owns 636,216 shares of the bank’s stock valued at $10,744,000 after buying an additional 25,178 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of CoBiz Financial by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,815,165 shares of the bank’s stock valued at $30,658,000 after buying an additional 14,750 shares during the period. Teachers Advisors LLC raised its stake in shares of CoBiz Financial by 14.7% in the fourth quarter. Teachers Advisors LLC now owns 86,010 shares of the bank’s stock valued at $1,453,000 after buying an additional 11,022 shares during the period. Macquarie Group Ltd. raised its stake in shares of CoBiz Financial by 7.5% in the fourth quarter. Macquarie Group Ltd. now owns 899,766 shares of the bank’s stock valued at $15,197,000 after buying an additional 62,869 shares during the period. Finally, Legato Capital Management LLC raised its stake in shares of CoBiz Financial by 1,580.0% in the first quarter. Legato Capital Management LLC now owns 68,796 shares of the bank’s stock valued at $4,095,000 after buying an additional 64,701 shares during the period. 81.56% of the stock is currently owned by hedge funds and other institutional investors.
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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