CoBiz Financial (COBZ) Cut to Sell at BidaskClub
BidaskClub cut shares of CoBiz Financial (NASDAQ:COBZ) from a hold rating to a sell rating in a research report report published on Friday.
COBZ has been the subject of several other reports. ValuEngine upgraded CoBiz Financial from a hold rating to a buy rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded CoBiz Financial from a hold rating to a buy rating and set a $20.00 target price for the company in a research note on Tuesday, September 19th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $23.00 target price on shares of CoBiz Financial in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. CoBiz Financial presently has a consensus rating of Buy and an average target price of $21.13.
Shares of CoBiz Financial (COBZ) traded down $0.03 during trading hours on Friday, hitting $20.37. The stock had a trading volume of 34,800 shares, compared to its average volume of 90,780. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. CoBiz Financial has a twelve month low of $15.39 and a twelve month high of $22.01. The stock has a market capitalization of $861.56, a P/E ratio of 22.38, a P/E/G ratio of 1.71 and a beta of 1.26.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.04. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%. The business had revenue of $42.76 million for the quarter, compared to the consensus estimate of $41.13 million. sell-side analysts forecast that CoBiz Financial will post 0.97 EPS for the current year.
In other news, insider Christopher S. Huss sold 5,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $20.85, for a total value of $104,250.00. Following the completion of the sale, the insider now owns 31,002 shares of the company’s stock, valued at $646,391.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Bangert sold 2,883 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $20.45, for a total value of $58,957.35. Following the completion of the sale, the chief executive officer now directly owns 1,008,359 shares of the company’s stock, valued at approximately $20,620,941.55. The disclosure for this sale can be found here. Insiders have sold 52,205 shares of company stock valued at $1,086,023 over the last 90 days. 9.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in CoBiz Financial by 0.6% in the second quarter. Rhumbline Advisers now owns 47,779 shares of the bank’s stock valued at $831,000 after purchasing an additional 265 shares during the last quarter. Legal & General Group Plc boosted its holdings in CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after purchasing an additional 371 shares during the last quarter. Martin & Co. Inc. TN boosted its holdings in CoBiz Financial by 0.6% in the second quarter. Martin & Co. Inc. TN now owns 70,424 shares of the bank’s stock valued at $1,225,000 after purchasing an additional 415 shares during the last quarter. Voya Investment Management LLC boosted its holdings in CoBiz Financial by 6.3% in the second quarter. Voya Investment Management LLC now owns 28,708 shares of the bank’s stock valued at $500,000 after purchasing an additional 1,698 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in CoBiz Financial by 16.3% in the second quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock valued at $261,000 after purchasing an additional 2,105 shares during the last quarter. 82.89% of the stock is owned by institutional investors.
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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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