Summit Global Investments Trims Position in CBIZ, Inc. (CBZ)
Summit Global Investments reduced its position in CBIZ, Inc. (NYSE:CBZ) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,700 shares of the business services provider’s stock after selling 1,400 shares during the quarter. Summit Global Investments owned approximately 0.06% of CBIZ worth $491,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its holdings in shares of CBIZ by 2.6% during the first quarter. Ameriprise Financial Inc. now owns 13,710 shares of the business services provider’s stock valued at $186,000 after acquiring an additional 350 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of CBIZ by 1.0% during the first quarter. Public Employees Retirement System of Ohio now owns 132,396 shares of the business services provider’s stock valued at $1,794,000 after acquiring an additional 1,265 shares during the period. American International Group Inc. lifted its holdings in shares of CBIZ by 7.1% during the first quarter. American International Group Inc. now owns 30,401 shares of the business services provider’s stock valued at $412,000 after acquiring an additional 2,013 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of CBIZ by 0.6% during the first quarter. TIAA CREF Investment Management LLC now owns 380,795 shares of the business services provider’s stock valued at $5,160,000 after acquiring an additional 2,085 shares during the period. Finally, Martingale Asset Management L P lifted its holdings in shares of CBIZ by 1.9% during the first quarter. Martingale Asset Management L P now owns 176,234 shares of the business services provider’s stock valued at $2,388,000 after acquiring an additional 3,300 shares during the period. 85.57% of the stock is owned by hedge funds and other institutional investors.
CBZ has been the subject of a number of analyst reports. Zacks Investment Research raised CBIZ from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Friday, June 16th. ValuEngine raised CBIZ from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub cut CBIZ from a “buy” rating to a “hold” rating in a report on Monday, July 24th.
In other CBIZ news, insider Ware H. Grove sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $15.06, for a total value of $376,500.00. Following the completion of the sale, the insider now owns 282,172 shares of the company’s stock, valued at $4,249,510.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 6.90% of the company’s stock.
Shares of CBIZ, Inc. (NYSE CBZ) opened at 15.05 on Thursday. The company has a market cap of $817.62 million, a PE ratio of 17.81 and a beta of 0.91. CBIZ, Inc. has a 1-year low of $10.73 and a 1-year high of $15.90. The firm has a 50-day moving average price of $14.81 and a 200 day moving average price of $14.73.
CBIZ (NYSE:CBZ) last announced its quarterly earnings data on Thursday, August 3rd. The business services provider reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. CBIZ had a return on equity of 9.42% and a net margin of 5.54%. The firm had revenue of $211.00 million during the quarter, compared to analysts’ expectations of $207.42 million. During the same quarter last year, the firm posted $0.16 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that CBIZ, Inc. will post $0.87 earnings per share for the current year.
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CBIZ, Inc (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States.
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