Brokerages forecast that CoBiz Financial Inc. (NASDAQ:COBZ) will report $0.27 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for CoBiz Financial’s earnings, with the lowest EPS estimate coming in at $0.26 and the highest estimate coming in at $0.27. CoBiz Financial reported earnings of $0.21 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 28.6%. The business is expected to issue its next earnings report on Thursday, January 25th.
On average, analysts expect that CoBiz Financial will report full year earnings of $0.97 per share for the current fiscal year, with EPS estimates ranging from $0.96 to $0.97. For the next year, analysts expect that the company will post earnings of $1.15 per share, with EPS estimates ranging from $1.08 to $1.20. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. The firm had revenue of $42.76 million during the quarter, compared to analyst estimates of $41.13 million. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%.
COBZ has been the subject of several research reports. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research upgraded CoBiz Financial from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, July 26th. BidaskClub upgraded CoBiz Financial from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $19.50 target price on shares of CoBiz Financial in a report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $20.13.
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In other CoBiz Financial news, CFO Lyne B. Andrich sold 2,335 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $20.99, for a total transaction of $49,011.65. Following the transaction, the chief financial officer now directly owns 101,122 shares in the company, valued at $2,122,550.78. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Scott Page sold 5,307 shares of the firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $20.84, for a total value of $110,597.88. Following the completion of the sale, the chief executive officer now directly owns 60,239 shares in the company, valued at $1,255,380.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,205 shares of company stock worth $1,045,063. Corporate insiders own 9.90% of the company’s stock.
Large investors have recently modified their holdings of the company. Sit Investment Associates Inc. grew its position in shares of CoBiz Financial by 14.8% in the second quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock valued at $355,000 after purchasing an additional 2,625 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in CoBiz Financial by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock worth $33,203,000 after purchasing an additional 57,691 shares during the period. Bridge City Capital LLC lifted its stake in CoBiz Financial by 8.7% during the third quarter. Bridge City Capital LLC now owns 88,293 shares of the bank’s stock worth $1,734,000 after purchasing an additional 7,092 shares during the period. Citadel Advisors LLC lifted its stake in CoBiz Financial by 137.6% during the second quarter. Citadel Advisors LLC now owns 61,764 shares of the bank’s stock worth $1,075,000 after purchasing an additional 35,764 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in CoBiz Financial by 14.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 180,101 shares of the bank’s stock worth $3,134,000 after purchasing an additional 22,121 shares during the period. 83.20% of the stock is currently owned by institutional investors.
CoBiz Financial (NASDAQ:COBZ) traded up $0.13 on Friday, hitting $20.48. The stock had a trading volume of 122,620 shares, compared to its average volume of 203,790. The company has a market cap of $864.93, a price-to-earnings ratio of 22.51, a PEG ratio of 2.12 and a beta of 1.27. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. CoBiz Financial has a 1-year low of $14.42 and a 1-year high of $21.35.
The business also recently announced a quarterly dividend, which was paid on Monday, November 6th. Shareholders of record on Monday, October 30th were issued a dividend of $0.055 per share. The ex-dividend date was Friday, October 27th. This represents a $0.22 annualized dividend and a yield of 1.07%. CoBiz Financial’s dividend payout ratio (DPR) is currently 24.18%.
About CoBiz Financial
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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