CoBiz Financial Inc (COBZ) Receives $19.00 Consensus Price Target from Brokerages
CoBiz Financial Inc (NASDAQ:COBZ) has been assigned an average rating of “Hold” from the six research firms that are covering the firm. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $18.83.
Several research firms have weighed in on COBZ. Piper Jaffray Companies began coverage on CoBiz Financial in a research report on Thursday, April 13th. They set a “neutral” rating and a $18.50 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $19.00 price objective on shares of CoBiz Financial in a research report on Wednesday, April 5th. Zacks Investment Research cut CoBiz Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, March 29th. Finally, Hovde Group raised CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price objective on the stock in a research report on Friday, March 10th.
In other news, EVP David Pass sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $16.96, for a total value of $25,440.00. Following the sale, the executive vice president now directly owns 13,859 shares of the company’s stock, valued at approximately $235,048.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Richard J. Dalton sold 5,324 shares of the business’s stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $16.95, for a total value of $90,241.80. Following the completion of the sale, the chief operating officer now directly owns 98,076 shares in the company, valued at $1,662,388.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,407 shares of company stock worth $610,156. Insiders own 11.38% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Aperio Group LLC bought a new stake in shares of CoBiz Financial during the third quarter worth approximately $143,000. United Capital Financial Advisers LLC boosted its stake in shares of CoBiz Financial by 0.4% in the fourth quarter. United Capital Financial Advisers LLC now owns 14,826 shares of the bank’s stock worth $250,000 after buying an additional 66 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of CoBiz Financial by 31.4% in the third quarter. Wells Fargo & Company MN now owns 27,775 shares of the bank’s stock worth $370,000 after buying an additional 6,631 shares in the last quarter. Martingale Asset Management L P bought a new stake in shares of CoBiz Financial during the fourth quarter worth approximately $435,000. Finally, Citadel Advisors LLC bought a new stake in shares of CoBiz Financial during the third quarter worth approximately $698,000. 81.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CoBiz Financial (NASDAQ:COBZ) traded down 0.49% during mid-day trading on Thursday, hitting $16.19. The company had a trading volume of 31,334 shares. The firm has a market capitalization of $665.21 million, a PE ratio of 19.27 and a beta of 1.24. The firm has a 50-day moving average price of $16.69 and a 200-day moving average price of $15.88. CoBiz Financial has a 52 week low of $10.79 and a 52 week high of $17.99.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings data on Thursday, January 26th. The bank reported $0.21 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.21. The business had revenue of $39.26 million for the quarter, compared to analysts’ expectations of $39.43 million. CoBiz Financial had a return on equity of 12.18% and a net margin of 21.55%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. Equities analysts forecast that CoBiz Financial will post $0.89 earnings per share for the current year.
About CoBiz Financial
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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