CoBiz Financial Inc (NASDAQ:COBZ) posted its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04, Yahoo Finance reports. CoBiz Financial had a net margin of 23.54% and a return on equity of 11.97%. The firm had revenue of $42.76 million for the quarter, compared to analyst estimates of $41.13 million.
CoBiz Financial (NASDAQ:COBZ) traded down 0.74% on Friday, hitting $20.86. 201,006 shares of the company were exchanged. The stock has a 50 day moving average of $18.92 and a 200 day moving average of $17.36. CoBiz Financial has a 52 week low of $12.40 and a 52 week high of $21.35. The company has a market capitalization of $862.79 million, a price-to-earnings ratio of 23.44 and a beta of 1.24.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Monday, October 30th will be paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, October 27th. CoBiz Financial’s dividend payout ratio is currently 24.18%.
A number of equities research analysts have weighed in on COBZ shares. Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 target price on the stock in a report on Tuesday. DA Davidson reissued a “neutral” rating on shares of CoBiz Financial in a report on Friday, July 21st. BidaskClub raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $19.50 price objective on shares of CoBiz Financial in a research note on Wednesday, July 26th. Finally, ValuEngine lowered shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. CoBiz Financial currently has an average rating of “Buy” and an average target price of $20.13.
In other news, COO Richard J. Dalton sold 10,004 shares of the stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $20.76, for a total transaction of $207,683.04. Following the transaction, the chief operating officer now owns 74,078 shares of the company’s stock, valued at approximately $1,537,859.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Bangert sold 8,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $17.62, for a total value of $140,960.00. Following the transaction, the chief executive officer now directly owns 1,016,242 shares in the company, valued at approximately $17,906,184.04. The disclosure for this sale can be found here. Insiders sold a total of 51,980 shares of company stock worth $1,054,560 in the last ninety days. 9.90% of the stock is currently owned by corporate insiders.
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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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