Zacks Investment Research upgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. 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. “
Several other research firms have also commented on COBZ. BidaskClub raised shares of CoBiz Financial from a hold rating to a buy rating in a report on Tuesday, July 25th. ValuEngine raised shares of CoBiz Financial from a hold rating to a buy rating in a report on Thursday, August 3rd. DA Davidson reaffirmed a neutral rating on shares of CoBiz Financial in a report on Friday, July 21st. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $19.50 price target on shares of CoBiz Financial in a report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $19.13.
Shares of CoBiz Financial (NASDAQ:COBZ) opened at 17.65 on Tuesday. The stock’s 50 day moving average is $17.12 and its 200 day moving average is $16.79. CoBiz Financial has a 52-week low of $12.40 and a 52-week high of $18.85. The stock has a market cap of $730.02 million, a price-to-earnings ratio of 19.83 and a beta of 1.20.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.09%. The business had revenue of $40.32 million during the quarter, compared to analyst estimates of $39.88 million. On average, equities analysts expect that CoBiz Financial will post $0.92 earnings per share for the current fiscal year.
In other CoBiz Financial news, COO Richard J. Dalton sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.80, for a total transaction of $178,000.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven Bangert sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $17.62, for a total transaction of $140,960.00. Following the transaction, the chief executive officer now directly owns 1,016,242 shares of the company’s stock, valued at $17,906,184.04. The disclosure for this sale can be found here. Insiders have sold a total of 27,543 shares of company stock valued at $488,016 over the last three months. 9.90% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in shares of CoBiz Financial by 22.9% during the 1st quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock worth $47,363,000 after buying an additional 524,536 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of CoBiz Financial by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock worth $33,203,000 after buying an additional 57,691 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of CoBiz Financial by 8.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock worth $31,688,000 after buying an additional 136,467 shares in the last quarter. Vanguard Group Inc. raised its position in shares of CoBiz Financial by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock worth $29,642,000 after buying an additional 35,154 shares in the last quarter. Finally, FMR LLC raised its position in shares of CoBiz Financial by 2.4% during the 2nd quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock worth $26,273,000 after buying an additional 35,735 shares in the last quarter. Institutional investors own 82.93% 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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