Royal Bank of Canada Sells 74,600 Shares of CBIZ, Inc. $CBZ

Royal Bank of Canada cut its stake in shares of CBIZ, Inc. (NYSE:CBZ) by 21.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 274,198 shares of the business services provider’s stock after selling 74,600 shares during the quarter. Royal Bank of Canada owned approximately 0.51% of CBIZ worth $7,362,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its stake in shares of CBIZ by 377.8% in the third quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the business services provider’s stock valued at $30,000 after buying an additional 442 shares during the period. Strategic Wealth Investment Group LLC bought a new stake in CBIZ in the second quarter valued at approximately $37,000. Danske Bank A S bought a new stake in CBIZ in the third quarter valued at approximately $42,000. Torren Management LLC acquired a new stake in CBIZ during the 4th quarter valued at approximately $48,000. Finally, EverSource Wealth Advisors LLC increased its position in CBIZ by 165.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 722 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 450 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $42.00 price target on shares of CBIZ in a research report on Thursday, April 30th. Barrington Research started coverage on shares of CBIZ in a report on Wednesday, June 24th. They issued an “outperform” rating and a $45.00 target price on the stock. Stephens set a $37.00 price target on shares of CBIZ in a research report on Friday, May 1st. Weiss Ratings upgraded CBIZ from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. Finally, CJS Securities lowered CBIZ from a “market outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $44.50.

CBIZ Stock Down 0.1%

CBZ stock opened at $54.46 on Tuesday. CBIZ, Inc. has a twelve month low of $24.29 and a twelve month high of $67.24. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.74. The stock’s 50 day moving average is $39.39 and its 200-day moving average is $33.75. The firm has a market capitalization of $2.95 billion, a PE ratio of 25.45, a P/E/G ratio of 1.14 and a beta of 0.92.

CBIZ (NYSE:CBZ) last released its quarterly earnings results on Wednesday, July 29th. The business services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.19. CBIZ had a return on equity of 12.33% and a net margin of 4.73%.The business had revenue of $682.21 million during the quarter, compared to analyst estimates of $697.96 million. During the same period in the prior year, the firm posted $0.95 EPS. CBIZ’s quarterly revenue was down .2% compared to the same quarter last year. Sell-side analysts expect that CBIZ, Inc. will post 4.1 EPS for the current fiscal year.

CBIZ Profile

CBIZ, Inc (NYSE: CBZ), founded in 1996 and headquartered in Cleveland, Ohio, is a leading provider of professional business services in the United States. Since its inception, the company has grown through both organic expansion and strategic acquisitions to deliver a broad spectrum of financial, tax and advisory solutions tailored to the needs of small to mid-market organizations.

Through its Financial & Advisory Services segment, CBIZ offers accounting, tax preparation and compliance, audit support, and wealth management services.