Zacks Investment Research upgraded shares of CoBiz Financial (NASDAQ:COBZ) from a sell rating to a hold rating in a research report sent to investors on Friday.
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 brokerages also recently commented on COBZ. BidaskClub downgraded CoBiz Financial from a buy rating to a hold rating in a research report on Wednesday, August 29th. Keefe, Bruyette & Woods reiterated a market perform rating and set a $13.75 price objective on shares of CoBiz Financial in a research report on Monday, July 30th. Hovde Group downgraded CoBiz Financial from an outperform rating to a market perform rating in a research report on Wednesday, June 20th. Sandler O’Neill downgraded CoBiz Financial from a buy rating to a hold rating in a research report on Tuesday, June 19th. Finally, ValuEngine downgraded CoBiz Financial from a buy rating to a hold rating in a research report on Monday, July 2nd. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $20.94.
COBZ traded up $0.14 during trading on Friday, reaching $23.39. The stock had a trading volume of 177,950 shares, compared to its average volume of 277,849. The company has a market capitalization of $985.75 million, a price-to-earnings ratio of 24.62, a price-to-earnings-growth ratio of 1.91 and a beta of 0.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.92 and a quick ratio of 0.92. CoBiz Financial has a 1-year low of $16.28 and a 1-year high of $23.48.
CoBiz Financial (NASDAQ:COBZ) last released its earnings results on Thursday, August 2nd. The bank reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). CoBiz Financial had a return on equity of 13.80% and a net margin of 21.05%. equities analysts expect that CoBiz Financial will post 1.22 EPS for the current fiscal year.
In other news, insider Jeremy Lindner sold 4,309 shares of the stock in a transaction on Tuesday, August 21st. The stock was 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 owns 16,527 shares in the company, valued at $375,162.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.47% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in COBZ. Water Island Capital LLC purchased a new stake in shares of CoBiz Financial in the second quarter valued at $31,461,000. JPMorgan Chase & Co. lifted its holdings in shares of CoBiz Financial by 3,473.9% in the first quarter. JPMorgan Chase & Co. now owns 296,921 shares of the bank’s stock valued at $5,819,000 after purchasing an additional 288,613 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of CoBiz Financial by 26.8% in the first quarter. Victory Capital Management Inc. now owns 1,305,918 shares of the bank’s stock valued at $25,596,000 after purchasing an additional 276,040 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in shares of CoBiz Financial in the second quarter valued at $4,075,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of CoBiz Financial by 30.6% in the second quarter. Renaissance Technologies LLC now owns 741,400 shares of the bank’s stock valued at $15,925,000 after purchasing an additional 173,900 shares in the last quarter. Institutional investors own 79.60% of the company’s stock.
CoBiz Financial Company Profile
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.
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