CoBiz Financial Inc. (COBZ) Downgraded by BidaskClub
CoBiz Financial Inc. (NASDAQ:COBZ) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Saturday.
Other research analysts have also recently issued reports about the stock. Piper Jaffray Companies reiterated a “hold” rating and set a $19.50 price objective on shares of CoBiz Financial in a report on Wednesday, July 26th. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. DA Davidson reiterated a “neutral” rating on shares of CoBiz Financial in a report on Friday, July 21st. Zacks Investment Research upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $18.00 price target on shares of CoBiz Financial in a research report on Tuesday, May 2nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CoBiz Financial presently has a consensus rating of “Buy” and a consensus target price of $19.13.
Shares of CoBiz Financial (COBZ) opened at 16.87 on Friday. The firm’s 50-day moving average is $17.32 and its 200 day moving average is $16.89. The company has a market capitalization of $697.76 million, a PE ratio of 18.96 and a beta of 1.20. CoBiz Financial has a 12 month low of $11.80 and a 12 month high of $18.85.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings data 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. The firm had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $39.88 million. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.09%. Equities research analysts predict that CoBiz Financial will post $0.92 EPS for the current year.
In related news, COO Richard J. Dalton sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.80, for a total transaction of $178,000.00. Following the transaction, the chief operating officer now directly owns 84,082 shares of the company’s stock, valued at $1,496,659.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven Bangert sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $17.62, for a total transaction of $140,960.00. Following the transaction, the chief executive officer now directly owns 1,016,242 shares in the company, valued at $17,906,184.04. The disclosure for this sale can be found here. Insiders have sold 43,571 shares of company stock worth $755,057 over the last three months. 9.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BSW Wealth Partners raised its position in CoBiz Financial by 0.3% in the second quarter. BSW Wealth Partners now owns 14,399 shares of the bank’s stock worth $251,000 after buying an additional 43 shares during the last quarter. Rhumbline Advisers raised its position in CoBiz Financial by 0.6% in the second quarter. Rhumbline Advisers now owns 47,779 shares of the bank’s stock worth $831,000 after buying an additional 265 shares during the last quarter. Dalton Greiner Hartman Maher & Co. raised its position in CoBiz Financial by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 75,915 shares of the bank’s stock worth $1,275,000 after buying an additional 284 shares during the last quarter. Legal & General Group Plc raised its position in CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after buying an additional 371 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in 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 last quarter. 81.62% of the stock is currently owned by institutional investors.
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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