CoBiz Financial (COBZ) Sets New 1-Year High at $21.69
CoBiz Financial Inc (NASDAQ:COBZ)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $21.69 and last traded at $21.15, with a volume of 123700 shares changing hands. The stock had previously closed at $20.47.
Several equities analysts have recently weighed in on COBZ shares. Zacks Investment Research upgraded CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a report on Tuesday, October 24th. BidaskClub cut CoBiz Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Finally, ValuEngine cut CoBiz Financial from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. CoBiz Financial has a consensus rating of “Buy” and an average price target of $20.13.
The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $862.41, a price-to-earnings ratio of 22.44, a P/E/G ratio of 2.11 and a beta of 1.27.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 6th. Investors of record on Monday, October 30th were issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Friday, October 27th. CoBiz Financial’s payout ratio is currently 24.18%.
In related news, CEO Steven Bangert sold 2,000 shares of CoBiz Financial stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $20.48, for a total transaction of $40,960.00. Following the completion of the transaction, the chief executive officer now owns 1,006,359 shares in the company, valued at $20,610,232.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lyne B. Andrich sold 2,335 shares of CoBiz Financial stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $20.99, for a total value of $49,011.65. Following the transaction, the chief financial officer now owns 101,122 shares of the company’s stock, valued at approximately $2,122,550.78. The disclosure for this sale can be found here. Insiders have sold 52,205 shares of company stock valued at $1,086,023 in the last quarter. 9.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of COBZ. Janus Henderson Group PLC acquired a new stake in CoBiz Financial during the second quarter worth approximately $19,512,000. Victory Capital Management Inc. acquired a new stake in CoBiz Financial during the third quarter worth approximately $9,550,000. Jupiter Asset Management Ltd. lifted its position in CoBiz Financial by 529.3% during the third quarter. Jupiter Asset Management Ltd. now owns 244,777 shares of the bank’s stock worth $4,807,000 after acquiring an additional 205,879 shares during the last quarter. Hartford Investment Management Co. acquired a new stake in CoBiz Financial during the second quarter worth approximately $3,035,000. Finally, Macquarie Group Ltd. lifted its position in CoBiz Financial by 13.9% during the third quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock worth $25,665,000 after acquiring an additional 159,512 shares during the last quarter. Hedge funds and other institutional investors own 82.86% of the company’s stock.
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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