CoBiz Financial (COBZ) Lowered to “Hold” at BidaskClub
BidaskClub cut shares of CoBiz Financial (NASDAQ:COBZ) from a buy rating to a hold rating in a report issued on Thursday morning.
A number of other brokerages also recently commented on COBZ. Zacks Investment Research upgraded shares of CoBiz Financial from a sell rating to a hold rating in a research note on Friday, September 7th. ValuEngine upgraded shares of CoBiz Financial from a hold rating to a buy rating in a research note on Tuesday, September 4th. Piper Jaffray Companies reiterated a hold rating and set a $23.00 target price on shares of CoBiz Financial in a research note on Friday, August 10th. DA Davidson reiterated a neutral rating on shares of CoBiz Financial in a research note on Friday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating and set a $13.75 target price on shares of CoBiz Financial in a research note on Monday, July 30th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $20.94.
Shares of NASDAQ:COBZ traded up $0.14 during trading on Thursday, hitting $23.28. The company’s stock had a trading volume of 10,637 shares, compared to its average volume of 272,691. The company has a market cap of $978.11 million, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.38. CoBiz Financial has a fifty-two week low of $16.71 and a fifty-two week high of $23.48.
In related news, insider Jeremy Lindner sold 4,309 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $22.70, for a total value of $97,814.30. Following the completion of the sale, the insider now directly owns 16,527 shares of the company’s stock, valued at $375,162.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 9.47% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Water Island Capital LLC purchased a new stake in CoBiz Financial in the second quarter valued at $31,461,000. Dalton Greiner Hartman Maher & Co. lifted its position in CoBiz Financial by 43.2% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 121,388 shares of the bank’s stock valued at $2,607,000 after acquiring an additional 36,595 shares during the last quarter. Victory Capital Management Inc. lifted its position in CoBiz Financial by 19.5% in the second quarter. Victory Capital Management Inc. now owns 1,560,396 shares of the bank’s stock valued at $33,517,000 after acquiring an additional 254,478 shares during the last quarter. BlackRock Inc. lifted its position in CoBiz Financial by 0.4% in the first quarter. BlackRock Inc. now owns 3,104,204 shares of the bank’s stock valued at $60,844,000 after acquiring an additional 13,063 shares during the last quarter. Finally, Kellner Capital LLC purchased a new stake in CoBiz Financial in the second quarter valued at $1,974,000. 79.05% of the stock is owned by hedge funds and other institutional investors.
About CoBiz Financial
CoBiz Financial Inc, a diversified financial services company, provides various financial products and services in the United States. It operates through Commercial Banking and Fee-Based Lines segments. The Commercial Banking segment offers commercial, real estate, and private banking services, as well as treasury management, interest-rate hedging, and depository products.
Recommended Story: Fundamental Analysis and Choosing Stocks
Receive News & Ratings for CoBiz Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial and related companies with MarketBeat.com's FREE daily email newsletter.