Granite Investment Partners LLC Takes Position in CBIZ, Inc. (NYSE:CBZ)
Granite Investment Partners LLC acquired a new stake in CBIZ, Inc. (NYSE:CBZ) during the second quarter, Holdings Channel reports. The fund acquired 688,687 shares of the business services provider’s stock, valued at approximately $10,331,000.
Other large investors have also recently added to or reduced their stakes in the company. First Manhattan Co. boosted its stake in CBIZ by 4.2% in the first quarter. First Manhattan Co. now owns 2,884,455 shares of the business services provider’s stock valued at $32,277,000 after buying an additional 115,000 shares during the period. P2 Capital Partners LLC boosted its stake in CBIZ by 67.6% in the first quarter. P2 Capital Partners LLC now owns 2,361,073 shares of the business services provider’s stock valued at $31,993,000 after buying an additional 952,501 shares during the period. Vanguard Group Inc. boosted its stake in CBIZ by 6.9% in the first quarter. Vanguard Group Inc. now owns 2,194,818 shares of the business services provider’s stock valued at $29,740,000 after buying an additional 141,845 shares during the period. State Street Corp boosted its stake in CBIZ by 12.0% in the fourth quarter. State Street Corp now owns 896,848 shares of the business services provider’s stock valued at $12,286,000 after buying an additional 96,072 shares during the period. Finally, Norges Bank purchased a new stake in CBIZ during the fourth quarter valued at about $9,981,000. 84.77% of the stock is owned by institutional investors and hedge funds.
Shares of CBIZ, Inc. (NYSE:CBZ) opened at 14.45 on Friday. CBIZ, Inc. has a 52 week low of $10.73 and a 52 week high of $15.90. The company’s 50-day moving average is $15.01 and its 200 day moving average is $14.44. The firm has a market capitalization of $785.03 million, a price-to-earnings ratio of 17.10 and a beta of 0.91.
CBIZ (NYSE:CBZ) last posted its quarterly earnings data on Thursday, August 3rd. The business services provider reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. CBIZ had a net margin of 5.54% and a return on equity of 9.42%. The firm had revenue of $211 million for the quarter, compared to the consensus estimate of $207.42 million. During the same period in the prior year, the firm posted $0.16 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts anticipate that CBIZ, Inc. will post $0.87 EPS for the current fiscal year.
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Several equities research analysts have recently issued reports on CBZ shares. Zacks Investment Research raised shares of CBIZ from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Thursday, June 22nd. BidaskClub lowered shares of CBIZ from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, ValuEngine upgraded shares of CBIZ from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd.
In other CBIZ news, insider Michael W. Gleespen sold 8,000 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $15.01, for a total transaction of $120,080.00. Following the transaction, the insider now directly owns 101,712 shares in the company, valued at approximately $1,526,697.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ware H. Grove sold 22,927 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $15.25, for a total transaction of $349,636.75. Following the transaction, the insider now owns 262,673 shares in the company, valued at $4,005,763.25. The disclosure for this sale can be found here. Insiders have sold a total of 77,927 shares of company stock worth $1,182,297 over the last quarter. 7.20% of the stock is currently owned by insiders.
CBIZ, Inc (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States.
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