Equities analysts forecast that CoBiz Financial Inc (NASDAQ:COBZ) will announce sales of $45.84 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for CoBiz Financial’s earnings, with estimates ranging from $44.43 million to $46.90 million. CoBiz Financial posted sales of $42.76 million during the same quarter last year, which would suggest a positive year over year growth rate of 7.2%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 18th.
On average, analysts expect that CoBiz Financial will report full-year sales of $181.67 million for the current fiscal year, with estimates ranging from $176.92 million to $185.10 million. For the next financial year, analysts anticipate that the business will report sales of $198.16 million, with estimates ranging from $192.78 million to $200.90 million. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last posted its earnings results on Thursday, August 2nd. The bank reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). CoBiz Financial had a return on equity of 14.26% and a net margin of 21.05%.
A number of analysts have weighed in on the company. ValuEngine lowered CoBiz Financial from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. BidaskClub upgraded CoBiz Financial from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Zacks Investment Research upgraded CoBiz Financial from a “sell” rating to a “hold” rating in a report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $13.75 target price on shares of CoBiz Financial in a report on Monday, July 30th. Finally, Sandler O’Neill lowered CoBiz Financial from a “buy” rating to a “hold” rating in a report on Tuesday, June 19th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.94.
In other news, insider Jeremy Lindner sold 4,309 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $22.70, for a total transaction of $97,814.30. Following the completion of the sale, the insider now owns 16,527 shares in the company, valued at approximately $375,162.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.47% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Water Island Capital LLC acquired a new position in shares of CoBiz Financial in the 2nd quarter valued at $31,461,000. JPMorgan Chase & Co. increased its position in shares of CoBiz Financial by 3,473.9% in the 1st quarter. JPMorgan Chase & Co. now owns 296,921 shares of the bank’s stock valued at $5,819,000 after acquiring an additional 288,613 shares during the period. Victory Capital Management Inc. increased its position in shares of CoBiz Financial by 19.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,560,396 shares of the bank’s stock valued at $33,517,000 after acquiring an additional 254,478 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of CoBiz Financial in the 2nd quarter valued at $4,075,000. Finally, Renaissance Technologies LLC increased its position in shares of CoBiz Financial by 30.6% in the 2nd quarter. Renaissance Technologies LLC now owns 741,400 shares of the bank’s stock valued at $15,925,000 after acquiring an additional 173,900 shares during the period. Hedge funds and other institutional investors own 78.87% of the company’s stock.
CoBiz Financial stock opened at $22.81 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.38. The firm has a market cap of $981.08 million, a price-to-earnings ratio of 20.48, a P/E/G ratio of 1.90 and a beta of 0.98. CoBiz Financial has a twelve month low of $18.02 and a twelve month high of $23.55.
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.
Further Reading: How to use beta for portfolio diversification
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CoBiz Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial and related companies with MarketBeat.com's FREE daily email newsletter.