CoBiz Financial (NASDAQ:COBZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, December 21st.
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 research firms have also recently weighed in on COBZ. BidaskClub cut shares of CoBiz Financial from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 7th. ValuEngine cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. CoBiz Financial currently has a consensus rating of “Buy” and an average price target of $21.13.
Shares of CoBiz Financial (NASDAQ COBZ) opened at $21.41 on Thursday. CoBiz Financial has a 12 month low of $15.39 and a 12 month high of $22.01. The stock has a market cap of $904.22, a price-to-earnings ratio of 23.79, a PEG ratio of 1.79 and a beta of 1.26. 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 (NASDAQ:COBZ) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%. The firm had revenue of $42.76 million during the quarter, compared to analysts’ expectations of $41.13 million. sell-side analysts predict that CoBiz Financial will post 0.97 earnings per share for the current fiscal year.
In related news, CEO Steven Bangert sold 5,000 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $20.80, for a total transaction of $104,000.00. Following the sale, the chief executive officer now owns 1,011,242 shares in the company, valued at $21,033,833.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Richard J. Dalton sold 10,004 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $20.76, for a total transaction of $207,683.04. Following the completion of the sale, the chief operating officer now owns 74,078 shares in the company, valued at approximately $1,537,859.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,205 shares of company stock worth $1,086,023. Company insiders own 9.90% of the company’s stock.
Several large investors have recently made changes to their positions in COBZ. Simplex Trading LLC bought a new stake in CoBiz Financial during the fourth quarter worth approximately $116,000. Legal & General Group Plc boosted its holdings in CoBiz Financial by 4.2% during the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after buying an additional 371 shares in the last quarter. Aperio Group LLC bought a new stake in CoBiz Financial during the second quarter worth approximately $180,000. GSA Capital Partners LLP bought a new stake in CoBiz Financial during the third quarter worth approximately $206,000. Finally, Keybank National Association OH bought a new stake in CoBiz Financial during the third quarter worth approximately $224,000. Institutional investors own 82.89% of the company’s stock.
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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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