CoBiz Financial Inc. (COBZ) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $19.00 price objective on the bank’s stock.
According to Zacks, “CoBiz Inc. is a financial holding company headquartered in Denver. The company operates Colorado Business Bank and Arizona Business Bank, full-service commercial banking institutions that offer a broad range of sophisticated banking services including credit, treasury management, investment and deposit products to a targeted customer base of professionals and small to mid-sized businesses. CoBiz also offers trust and fiduciary services through CoBiz Private Asset Management; property and casualty insurance brokerage and risk management consulting services through CoBiz Insurance; investment banking services through Green Manning & Bunch; the management of stock and bond portfolios for individuals and institutions through Alexander Capital Management Group; and employee and executive benefits consulting and wealth transfer services through Financial Designs. “
A number of other equities research analysts have also recently issued reports on the stock. DA Davidson restated a neutral rating on shares of CoBiz Financial in a report on Friday, July 21st. BidaskClub upgraded shares of CoBiz Financial from a hold rating to a buy rating in a report on Tuesday, July 25th. Piper Jaffray Companies restated a hold rating and set a $19.50 price target on shares of CoBiz Financial in a report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of CoBiz Financial from a hold rating to a buy rating in a report on Thursday, June 15th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $18.88.
Shares of CoBiz Financial (COBZ) opened at 16.41 on Tuesday. The stock’s 50 day moving average price is $17.23 and its 200-day moving average price is $16.81. CoBiz Financial has a 12 month low of $12.40 and a 12 month high of $18.85. The stock has a market capitalization of $678.73 million, a price-to-earnings ratio of 18.44 and a beta of 1.20.
CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. CoBiz Financial had a net margin of 21.97% and a return on equity of 12.09%. The company had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $39.88 million. Equities analysts forecast that CoBiz Financial will post $0.92 earnings per share for the current fiscal year.
In related news, CEO Steven Bangert sold 8,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $17.62, for a total value of $140,960.00. Following the completion of the transaction, the chief executive officer now owns 1,016,242 shares of the company’s stock, valued at $17,906,184.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Page sold 8,057 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $17.68, for a total transaction of $142,447.76. Following the completion of the transaction, the chief executive officer now directly owns 65,774 shares of the company’s stock, valued at approximately $1,162,884.32. The disclosure for this sale can be found here. Insiders have sold 32,543 shares of company stock valued at $574,766 in the last ninety days. 9.90% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of COBZ. Legal & General Group Plc raised its position in CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after purchasing an additional 371 shares in the last quarter. Aperio Group LLC acquired a new position in CoBiz Financial in the second quarter worth about $180,000. Spark Investment Management LLC acquired a new position in CoBiz Financial in the first quarter worth about $212,000. Parametric Portfolio Associates LLC raised its position in CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock worth $217,000 after purchasing an additional 504 shares in the last quarter. Finally, BSW Wealth Partners raised its position in CoBiz Financial by 0.3% in the second quarter. BSW Wealth Partners now owns 14,399 shares of the bank’s stock worth $251,000 after purchasing an additional 43 shares in the last quarter. 82.93% of the stock is owned by hedge funds and other institutional investors.
CoBiz Financial Company 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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