CoBiz Financial’s (NASDAQ:COBZ) Neutral Rating Reaffirmed at DA Davidson
COBZ has been the subject of a number of other research reports. Keefe, Bruyette & Woods restated a buy rating and set a $18.00 price target on shares of CoBiz Financial in a research note on Tuesday, May 2nd. ValuEngine upgraded shares of CoBiz Financial from a hold rating to a buy rating in a research note on Thursday, June 15th. BidaskClub lowered shares of CoBiz Financial from a buy rating to a hold rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of CoBiz Financial from a hold rating to a sell rating in a research note on Wednesday, March 29th. Finally, Piper Jaffray Companies assumed 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 for the company. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. CoBiz Financial presently has a consensus rating of Hold and a consensus price target of $17.63.
Shares of CoBiz Financial (NASDAQ:COBZ) traded up 2.87% on Friday, reaching $17.59. 348,071 shares of the company traded hands. CoBiz Financial has a one year low of $11.80 and a one year high of $18.85. The company has a market capitalization of $726.78 million, a PE ratio of 20.45 and a beta of 1.20. The firm has a 50-day moving average price of $16.78 and a 200 day moving average price of $16.82.
CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. The business had revenue of $40.32 million during the quarter, compared to analyst estimates of $39.88 million. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.26%. Equities analysts forecast that CoBiz Financial will post $0.88 EPS for the current fiscal year.
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In other CoBiz Financial news, insider Christopher S. Huss sold 5,000 shares of CoBiz Financial stock in a transaction on Monday, June 12th. The shares were sold at an average price of $17.35, for a total transaction of $86,750.00. Following the transaction, the insider now directly owns 36,002 shares of the company’s stock, valued at approximately $624,634.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Ostertag sold 3,976 shares of CoBiz Financial stock in a transaction on Friday, May 12th. The stock was sold at an average price of $16.02, for a total transaction of $63,695.52. Following the transaction, the insider now directly owns 68,930 shares in the company, valued at $1,104,258.60. The disclosure for this sale can be found here. Insiders have sold a total of 25,004 shares of company stock worth $413,887 over the last ninety days. Insiders own 9.90% of the company’s stock.
Several institutional investors have recently modified their holdings of COBZ. Aperio Group LLC bought a new position in shares of CoBiz Financial during the second quarter worth $180,000. Spark Investment Management LLC bought a new position in shares of CoBiz Financial during the first quarter worth $212,000. Parametric Portfolio Associates LLC increased its position in shares of CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock worth $217,000 after buying an additional 504 shares during the period. Sit Investment Associates Inc. bought a new position in shares of CoBiz Financial during the first quarter worth $298,000. Finally, American International Group Inc. increased its position in shares of CoBiz Financial by 7.1% in the first quarter. American International Group Inc. now owns 22,906 shares of the bank’s stock worth $385,000 after buying an additional 1,517 shares during the period. 81.56% of the stock is currently owned by institutional investors.
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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