CoBiz Financial Inc. (COBZ) Position Held by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can continued to hold its stake in shares of CoBiz Financial Inc. (NASDAQ:COBZ) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,141 shares of the bank’s stock at the end of the second quarter. Great West Life Assurance Co. Can’s holdings in CoBiz Financial were worth $124,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in COBZ. Wellington Management Group LLP boosted its stake in CoBiz Financial by 22.9% during the first quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock valued at $47,363,000 after buying an additional 524,536 shares in the last quarter. Hartford Investment Management Co. bought a new position in CoBiz Financial during the second quarter valued at about $3,035,000. Goldman Sachs Group Inc. boosted its stake in CoBiz Financial by 8.2% during the first quarter. Goldman Sachs Group Inc. now owns 1,684,676 shares of the bank’s stock valued at $28,303,000 after buying an additional 127,945 shares in the last quarter. Geode Capital Management LLC boosted its stake in CoBiz Financial by 32.6% during the first quarter. Geode Capital Management LLC now owns 361,533 shares of the bank’s stock valued at $6,073,000 after buying an additional 88,870 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware bought a new position in CoBiz Financial during the first quarter valued at about $1,229,000. 82.93% of the stock is owned by institutional investors and hedge funds.
Shares of CoBiz Financial Inc. (NASDAQ:COBZ) opened at 17.25 on Monday. CoBiz Financial Inc. has a one year low of $12.40 and a one year high of $18.85. The stock’s 50 day moving average price is $17.12 and its 200 day moving average price is $16.80. The stock has a market capitalization of $713.48 million, a P/E ratio of 19.38 and a beta of 1.20.
CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. The business had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $39.88 million. On average, analysts forecast that CoBiz Financial Inc. will post $0.92 EPS for the current year.
In related news, CEO Steven Bangert sold 8,000 shares of CoBiz Financial stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $17.62, for a total transaction of $140,960.00. Following the completion of the sale, the chief executive officer now directly owns 1,016,242 shares of the company’s stock, valued at $17,906,184.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Richard J. Dalton sold 10,000 shares of CoBiz Financial stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.80, for a total value of $178,000.00. Following the sale, the chief operating officer now directly owns 84,082 shares of the company’s stock, valued at $1,496,659.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,543 shares of company stock valued at $488,016. 9.90% of the stock is owned by insiders.
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Several equities research analysts have recently commented on the company. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Zacks Investment Research raised CoBiz Financial from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. BidaskClub downgraded CoBiz Financial from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a report on Friday, July 21st. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $19.50 target price on shares of CoBiz Financial in a report on Wednesday, July 26th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $18.88.
CoBiz Financial 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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