Victory Capital Management Inc. Acquires Shares of 486,258 CoBiz Financial Inc. (COBZ)
Victory Capital Management Inc. acquired a new stake in CoBiz Financial Inc. (NASDAQ:COBZ) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 486,258 shares of the bank’s stock, valued at approximately $9,550,000. Victory Capital Management Inc. owned 1.18% of CoBiz Financial as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in CoBiz Financial by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock valued at $33,203,000 after acquiring an additional 57,691 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in CoBiz Financial by 8.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after acquiring an additional 136,467 shares in the last quarter. Vanguard Group Inc. raised its holdings in CoBiz Financial by 2.1% in the second quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock valued at $29,642,000 after acquiring an additional 35,154 shares in the last quarter. FMR LLC raised its holdings in CoBiz Financial by 2.4% in the second quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock valued at $26,273,000 after acquiring an additional 35,735 shares in the last quarter. Finally, Macquarie Group Ltd. raised its holdings in CoBiz Financial by 10.4% in the second quarter. Macquarie Group Ltd. now owns 1,147,268 shares of the bank’s stock valued at $19,962,000 after acquiring an additional 108,361 shares in the last quarter. 83.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CoBiz Financial Inc. (NASDAQ COBZ) opened at $20.09 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. CoBiz Financial Inc. has a 1-year low of $14.42 and a 1-year high of $21.35. The firm has a market cap of $857.34, a P/E ratio of 22.31, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.
CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%. The company had revenue of $42.76 million for the quarter, compared to analysts’ expectations of $41.13 million. sell-side analysts expect that CoBiz Financial Inc. will post 0.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 6th. Shareholders of record on Monday, October 30th were issued a dividend of $0.055 per share. The ex-dividend date was Friday, October 27th. This represents a $0.22 dividend on an annualized basis and a yield of 1.10%. CoBiz Financial’s payout ratio is currently 24.18%.
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Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 target price on the stock in a report on Tuesday, October 24th. ValuEngine cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $19.50 target price on shares of CoBiz Financial in a report on Wednesday, July 26th. BidaskClub raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a report on Friday, July 21st. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $20.13.
In other news, insider Robert Ostertag sold 17,176 shares of CoBiz Financial stock in a transaction on Friday, October 27th. The shares were sold at an average price of $20.90, for a total value of $358,978.40. Following the transaction, the insider now directly owns 53,445 shares of the company’s stock, valued at approximately $1,117,000.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher S. Huss sold 5,000 shares of CoBiz Financial stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $20.85, for a total transaction of $104,250.00. Following the completion of the transaction, the insider now directly owns 31,002 shares in the company, valued at $646,391.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,205 shares of company stock worth $1,045,063. 9.90% of the stock is owned by corporate insiders.
CoBiz Financial 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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