Wellington Management Group LLP Increases Position in CoBiz Financial Inc. (COBZ)
Wellington Management Group LLP increased its stake in shares of CoBiz Financial Inc. (NASDAQ:COBZ) by 22.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,819,215 shares of the bank’s stock after buying an additional 524,536 shares during the period. Wellington Management Group LLP owned approximately 0.07% of CoBiz Financial worth $47,363,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in COBZ. Russell Investments Group Ltd. bought a new stake in CoBiz Financial during the fourth quarter valued at approximately $5,780,000. Mckinley Capital Management LLC Delaware bought a new stake in CoBiz Financial during the first quarter valued at approximately $1,229,000. Legato Capital Management LLC boosted its stake in CoBiz Financial by 1,580.0% in the first quarter. Legato Capital Management LLC now owns 68,796 shares of the bank’s stock valued at $4,095,000 after buying an additional 64,701 shares during the period. Macquarie Group Ltd. boosted its stake in CoBiz Financial by 7.5% in the fourth quarter. Macquarie Group Ltd. now owns 899,766 shares of the bank’s stock valued at $15,197,000 after buying an additional 62,869 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in CoBiz Financial by 8.3% in the fourth quarter. Renaissance Technologies LLC now owns 516,200 shares of the bank’s stock valued at $8,719,000 after buying an additional 39,600 shares during the period. 81.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of CoBiz Financial Inc. (NASDAQ:COBZ) traded down 0.85% during trading on Tuesday, reaching $16.36. 22,550 shares of the company traded hands. CoBiz Financial Inc. has a 12-month low of $10.86 and a 12-month high of $17.99. The firm has a market capitalization of $675.96 million, a price-to-earnings ratio of 19.02 and a beta of 1.20. The company has a 50 day moving average price of $16.31 and a 200 day moving average price of $16.75.
CoBiz Financial (NASDAQ:COBZ) last posted its earnings results on Thursday, April 27th. The bank reported $0.20 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.20. CoBiz Financial had a net margin of 21.98% and a return on equity of 12.11%. The firm had revenue of $38.41 million for the quarter, compared to analyst estimates of $40 million. On average, equities analysts predict that CoBiz Financial Inc. will post $0.87 EPS for the current year.
COBZ has been the topic of several research analyst reports. Piper Jaffray Companies initiated coverage on shares of CoBiz Financial in a research note on Thursday, April 13th. They set a “neutral” rating and a $18.50 price target on the stock. Zacks Investment Research lowered shares of CoBiz Financial from a “hold” rating to a “sell” rating in a 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 report on Wednesday, April 5th. Hovde Group upgraded shares of CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price objective on the stock in a report on Friday, March 10th. Finally, ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $17.63.
In other news, CEO Steven Bangert sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $16.41, for a total value of $164,100.00. Following the transaction, the chief executive officer now owns 1,024,242 shares in the company, valued at approximately $16,807,811.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael B. Burgamy sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $16.70, for a total transaction of $25,050.00. Following the completion of the transaction, the director now owns 236,321 shares in the company, valued at approximately $3,946,560.70. The disclosure for this sale can be found here. Insiders sold a total of 25,004 shares of company stock worth $413,887 in the last 90 days. Corporate insiders own 9.90% 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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