CoBiz Financial Inc. (COBZ) Cut to Hold at ValuEngine

ValuEngine lowered shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a buy rating to a hold rating in a research report sent to investors on Monday.

Several other analysts have also commented on the company. Zacks Investment Research raised CoBiz Financial from a hold rating to a buy rating and set a $20.00 price target on the stock in a research note on Tuesday, September 19th. BidaskClub lowered CoBiz Financial from a buy rating to a hold rating in a research note on Saturday, August 12th. Piper Jaffray Companies reaffirmed a hold rating and issued a $19.50 price target on shares of CoBiz Financial in a research note on Wednesday, July 26th. Finally, DA Davidson reiterated a neutral rating on shares of CoBiz Financial in a research report on Friday, July 21st. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. CoBiz Financial presently has a consensus rating of Hold and a consensus target price of $19.13.

Shares of CoBiz Financial (NASDAQ:COBZ) traded up 1.58% during midday trading on Monday, reaching $19.29. The company’s stock had a trading volume of 21,847 shares. The stock has a 50 day moving average price of $17.54 and a 200-day moving average price of $16.94. The company has a market capitalization of $797.85 million, a price-to-earnings ratio of 21.67 and a beta of 1.24. CoBiz Financial has a 52-week low of $12.40 and a 52-week high of $19.82.

CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The business had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. Equities research analysts expect that CoBiz Financial will post $0.92 EPS for the current year.

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In other news, COO Richard J. Dalton sold 10,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.80, for a total transaction of $178,000.00. Following the completion of the sale, the chief operating officer now owns 84,082 shares in the company, valued at $1,496,659.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Scott Page sold 8,057 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.68, for a total value of $142,447.76. Following the sale, the chief executive officer now 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. In the last quarter, insiders sold 27,543 shares of company stock valued at $488,016. Corporate insiders own 9.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Martin & Co. Inc. TN raised its position in shares of CoBiz Financial by 0.6% during the second quarter. Martin & Co. Inc. TN now owns 70,424 shares of the bank’s stock worth $1,225,000 after acquiring an additional 415 shares during the last quarter. State Street Corp raised its position in shares of CoBiz Financial by 7.0% during the second quarter. State Street Corp now owns 703,050 shares of the bank’s stock worth $12,233,000 after acquiring an additional 46,139 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of CoBiz Financial during the second quarter worth $19,512,000. Macquarie Group Ltd. raised its position in shares of CoBiz Financial by 10.4% during the second quarter. Macquarie Group Ltd. now owns 1,147,268 shares of the bank’s stock worth $19,962,000 after acquiring an additional 108,361 shares during the last quarter. Finally, Broadview Advisors LLC raised its position in shares of CoBiz Financial by 0.8% during the second quarter. Broadview Advisors LLC now owns 1,058,118 shares of the bank’s stock worth $18,411,000 after acquiring an additional 8,350 shares during the last quarter. Institutional investors own 82.93% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for CoBiz Financial (NASDAQ:COBZ)

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