CoBiz Financial Inc. (NASDAQ:COBZ) Stock Rating Upgraded by BidaskClub
BidaskClub upgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a hold rating to a buy rating in a research report released on Tuesday.
Several other equities analysts also recently commented on the company. Piper Jaffray Companies started coverage on CoBiz Financial in a research report on Thursday, April 13th. They issued a neutral rating and a $18.50 price objective on the stock. Zacks Investment Research downgraded CoBiz Financial from a hold rating to a sell rating in a research report on Wednesday, March 29th. Keefe, Bruyette & Woods restated a buy rating and issued a $19.00 price objective on shares of CoBiz Financial in a research report on Wednesday, April 5th. ValuEngine upgraded CoBiz Financial from a hold rating to a buy rating in a research report on Thursday, June 15th. Finally, DA Davidson restated a neutral rating on shares of CoBiz Financial in a research report on Friday, July 21st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $19.13.
Shares of CoBiz Financial (NASDAQ:COBZ) traded down 1.35% during mid-day trading on Tuesday, reaching $17.49. The company had a trading volume of 73,903 shares. The stock has a market capitalization of $722.65 million, a P/E ratio of 19.81 and a beta of 1.20. The firm has a 50 day moving average of $17.05 and a 200-day moving average of $16.86. CoBiz Financial has a one year low of $11.80 and a one year high of $18.85.
CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. CoBiz Financial had a return on equity of 12.26% and a net margin of 21.97%. The business had revenue of $40.32 million during the quarter, compared to analyst estimates of $39.88 million. Analysts forecast that CoBiz Financial will post $0.92 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Stockholders of record on Monday, July 31st will be given a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 1.26%. This is an increase from CoBiz Financial’s previous quarterly dividend of $0.05. The ex-dividend date is Thursday, July 27th. CoBiz Financial’s payout ratio is presently 24.72%.
In related news, Director Evan Makovsky sold 3,500 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $16.60, for a total value of $58,100.00. Following the sale, the director now directly owns 38,687 shares in the company, valued at $642,204.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Bangert sold 10,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $16.41, for a total value of $164,100.00. Following the completion of the sale, the chief executive officer now owns 1,024,242 shares in the company, valued at $16,807,811.22. The disclosure for this sale can be found here. Insiders sold 43,554 shares of company stock worth $743,258 over the last 90 days. Company insiders own 9.90% of the company’s stock.
Several large investors have recently bought and sold shares of COBZ. Hartford Investment Management Co. purchased a new stake in CoBiz Financial during the second quarter worth approximately $3,035,000. Legato Capital Management LLC increased its stake in CoBiz Financial by 890.1% in the second quarter. Legato Capital Management LLC now owns 40,545 shares of the bank’s stock worth $705,000 after buying an additional 36,450 shares in the last quarter. Sit Investment Associates Inc. increased its stake in CoBiz Financial by 14.8% in the second quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock worth $355,000 after buying an additional 2,625 shares in the last quarter. Aperio Group LLC purchased a new stake in CoBiz Financial during the second quarter worth approximately $180,000. Finally, Goldman Sachs Group Inc. increased its stake in CoBiz Financial by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,684,676 shares of the bank’s stock worth $28,303,000 after buying an additional 127,945 shares in the last quarter. Institutional investors own 81.56% 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.
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