Brokerages Expect CoBiz Financial Inc. (COBZ) Will Post Quarterly Sales of $43.10 Million
Equities analysts expect CoBiz Financial Inc. (NASDAQ:COBZ) to post sales of $43.10 million for the current quarter, according to Zacks. Two analysts have issued estimates for CoBiz Financial’s earnings. The lowest sales estimate is $43.09 million and the highest is $43.10 million. CoBiz Financial posted sales of $39.26 million during the same quarter last year, which suggests a positive year-over-year growth rate of 9.8%. The business is expected to announce its next earnings results on Thursday, January 25th.
On average, analysts expect that CoBiz Financial will report full-year sales of $43.10 million for the current fiscal year, with estimates ranging from $164.58 million to $164.60 million. For the next year, analysts forecast that the firm will report sales of $180.63 million per share, with estimates ranging from $179.60 million to $181.65 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last issued its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04. The business had revenue of $42.76 million for the quarter, compared to the consensus estimate of $41.13 million. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%.
A number of research firms have commented on COBZ. ValuEngine raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Tuesday, September 19th. Finally, BidaskClub cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $20.13.
In related news, COO Richard J. Dalton sold 10,004 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $20.76, for a total value of $207,683.04. Following the completion of the transaction, the chief operating officer now owns 74,078 shares of the company’s stock, valued at $1,537,859.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven Bangert sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $20.80, for a total value of $104,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,011,242 shares of the company’s stock, valued at approximately $21,033,833.60. The disclosure for this sale can be found here. In the last three months, insiders sold 52,205 shares of company stock valued at $1,086,023. 9.90% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 57,691 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in CoBiz Financial by 8.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock worth $31,688,000 after acquiring an additional 136,467 shares in the last quarter. Vanguard Group Inc. raised its stake in CoBiz Financial by 2.1% during the second quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock worth $29,642,000 after acquiring an additional 35,154 shares in the last quarter. FMR LLC raised its stake in CoBiz Financial by 2.4% during the second quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock worth $26,273,000 after acquiring an additional 35,735 shares in the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of CoBiz Financial by 13.9% in the third quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock valued at $25,665,000 after buying an additional 159,512 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.
Shares of CoBiz Financial (NASDAQ:COBZ) traded down $0.10 on Tuesday, reaching $20.42. 38,780 shares of the company were exchanged, compared to its average volume of 106,667. The firm has a market capitalization of $866.63, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 2.12 and a beta of 1.27. CoBiz Financial has a fifty-two week low of $15.10 and a fifty-two week high of $21.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 6th. Stockholders of record on Monday, October 30th were given a $0.055 dividend. The ex-dividend date was Friday, October 27th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.08%. CoBiz Financial’s payout ratio is presently 24.18%.
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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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