CoBiz Financial Inc. (COBZ) Position Reduced by First Trust Advisors LP
First Trust Advisors LP lessened its position in CoBiz Financial Inc. (NASDAQ:COBZ) by 11.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,085 shares of the bank’s stock after selling 12,116 shares during the quarter. First Trust Advisors LP owned about 0.23% of CoBiz Financial worth $1,654,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in COBZ. Aperio Group LLC bought a new position in CoBiz Financial in the 2nd quarter worth $180,000. Spark Investment Management LLC bought a new position in CoBiz Financial in the 1st quarter worth $212,000. Parametric Portfolio Associates LLC raised its holdings in CoBiz Financial by 4.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock worth $217,000 after acquiring an additional 504 shares during the period. Sit Investment Associates Inc. raised its holdings in CoBiz Financial by 14.8% in the 2nd quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock worth $355,000 after acquiring an additional 2,625 shares during the period. Finally, American International Group Inc. raised its holdings in CoBiz Financial by 7.1% in the 1st quarter. American International Group Inc. now owns 22,906 shares of the bank’s stock worth $385,000 after acquiring an additional 1,517 shares during the period. Hedge funds and other institutional investors own 82.93% of the company’s stock.
Several research analysts have recently issued reports on COBZ shares. Piper Jaffray Companies restated a “hold” rating and set a $19.50 price objective on shares of CoBiz Financial in a report on Wednesday, July 26th. BidaskClub upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Tuesday, September 5th. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, DA Davidson restated a “neutral” rating on shares of CoBiz Financial in a report on Friday, July 21st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $18.88.
Shares of CoBiz Financial Inc. (COBZ) opened at 17.03 on Friday. The company has a 50-day moving average of $17.14 and a 200-day moving average of $16.80. The company has a market cap of $704.38 million, a PE ratio of 19.13 and a beta of 1.20. CoBiz Financial Inc. has a 1-year low of $12.40 and a 1-year high of $18.85.
CoBiz Financial (NASDAQ:COBZ) last posted its earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The company 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 analysts forecast that CoBiz Financial Inc. 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 SEC, which is available through this hyperlink. Also, CEO Steven Bangert sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was 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. Over the last ninety days, insiders have sold 27,543 shares of company stock worth $488,016. 9.90% of the stock is owned by insiders.
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.
Want to see what other hedge funds are holding COBZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CoBiz Financial Inc. (NASDAQ:COBZ).
Receive News & Ratings for CoBiz Financial Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial Inc. and related companies with MarketBeat.com's FREE daily email newsletter.