CoBiz Financial Inc. (NASDAQ:COBZ) Upgraded to Buy by ValuEngine
ValuEngine upgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a hold rating to a buy rating in a research note issued to investors on Thursday.
COBZ has been the topic of several other research reports. Zacks Investment Research lowered CoBiz Financial from a hold rating to a sell rating in a research report on Tuesday, May 2nd. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $18.00 price target on shares of CoBiz Financial in a research report on Tuesday, May 2nd. Piper Jaffray Companies assumed coverage on CoBiz Financial in a research report on Thursday, April 13th. They set a neutral rating and a $18.50 price target on the stock. DA Davidson reaffirmed a neutral rating on shares of CoBiz Financial in a research report on Friday, July 21st. Finally, BidaskClub lowered CoBiz Financial from a buy rating to a hold rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $19.13.
Shares of CoBiz Financial (NASDAQ:COBZ) traded up 0.97% during trading on Thursday, reaching $17.65. 85,147 shares of the company’s stock were exchanged. The company has a market capitalization of $730.02 million, a P/E ratio of 19.83 and a beta of 1.20. The stock has a 50-day moving average price of $17.10 and a 200 day moving average price of $16.86. CoBiz Financial has a 12-month low of $11.80 and a 12-month high of $18.85.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. The company had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. Equities analysts expect that CoBiz Financial will post $0.92 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 31st will be paid a $0.055 dividend. This is an increase from CoBiz Financial’s previous quarterly dividend of $0.05. This represents a $0.22 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Thursday, July 27th. CoBiz Financial’s dividend payout ratio (DPR) is 24.72%.
In other CoBiz Financial news, insider Robert Ostertag sold 3,976 shares of CoBiz Financial stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $16.02, for a total value of $63,695.52. Following the transaction, the insider now directly owns 68,930 shares in the company, valued at approximately $1,104,258.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher S. Huss sold 5,000 shares of CoBiz Financial stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $17.35, for a total value of $86,750.00. Following the completion of the transaction, the insider now owns 36,002 shares in the company, valued at $624,634.70. The disclosure for this sale can be found here. Insiders sold a total of 39,547 shares of company stock worth $677,793 over the last quarter. Company insiders own 9.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in COBZ. Wellington Management Group LLP increased its position in shares of CoBiz Financial by 22.9% in the first quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock valued at $47,363,000 after buying an additional 524,536 shares during the period. Hartford Investment Management Co. acquired a new stake in CoBiz Financial during the second quarter worth $3,035,000. Goldman Sachs Group Inc. increased its stake in CoBiz Financial by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,684,676 shares of the bank’s stock worth $28,303,000 after buying an additional 127,945 shares during the period. Geode Capital Management LLC increased its stake in CoBiz Financial by 32.6% in the first quarter. Geode Capital Management LLC now owns 361,533 shares of the bank’s stock worth $6,073,000 after buying an additional 88,870 shares during the period. Finally, Mckinley Capital Management LLC Delaware acquired a new stake in CoBiz Financial during the first quarter worth $1,229,000. Institutional investors own 81.65% of the company’s stock.
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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