Research Analysts Set Expectations for CoBiz Financial Inc’s FY2018 Earnings (COBZ)

CoBiz Financial Inc (NASDAQ:COBZ) – Analysts at FIG Partners lifted their FY2018 earnings per share (EPS) estimates for CoBiz Financial in a research report issued to clients and investors on Wednesday, according to Zacks Investment Research. FIG Partners analyst J. Rodis now forecasts that the bank will post earnings of $1.21 per share for the year, up from their previous forecast of $1.08.

A number of other research firms have also recently weighed in on COBZ. BidaskClub cut CoBiz Financial from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research upgraded CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 price target for the company in a report on Tuesday, October 24th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $23.00 price target on shares of CoBiz Financial in a report on Friday, December 22nd. Finally, ValuEngine lowered CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $21.13.

Shares of CoBiz Financial (NASDAQ:COBZ) opened at $21.41 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $904.21, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 1.80 and a beta of 1.26. CoBiz Financial has a twelve month low of $15.39 and a twelve month high of $22.01.

CoBiz Financial (NASDAQ:COBZ) last issued its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The company had revenue of $42.76 million during the quarter, compared to analysts’ expectations of $41.13 million. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%.

Several hedge funds and other institutional investors have recently modified their holdings of COBZ. Janus Henderson Group PLC acquired a new stake in shares of CoBiz Financial during the 2nd quarter worth about $19,512,000. Victory Capital Management Inc. acquired a new stake in shares of CoBiz Financial during the 3rd quarter worth about $9,550,000. Jupiter Asset Management Ltd. grew its stake in CoBiz Financial by 529.3% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 244,777 shares of the bank’s stock worth $4,807,000 after buying an additional 205,879 shares during the last quarter. Macquarie Group Ltd. grew its stake in CoBiz Financial by 13.9% during the 3rd quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock worth $25,665,000 after buying an additional 159,512 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in CoBiz Financial by 8.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock worth $31,688,000 after buying an additional 136,467 shares during the last quarter. 82.89% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Mary Beth Vitale sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $20.59, for a total transaction of $41,180.00. Following the sale, the director now owns 2,715 shares of the company’s stock, valued at approximately $55,901.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven Bangert sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $20.80, for a total value of $104,000.00. Following the sale, the chief executive officer now directly owns 1,011,242 shares in the company, valued at approximately $21,033,833.60. The disclosure for this sale can be found here. Insiders sold a total of 52,205 shares of company stock worth $1,086,023 in the last ninety days. 9.90% of the stock is owned by corporate insiders.

COPYRIGHT VIOLATION NOTICE: “Research Analysts Set Expectations for CoBiz Financial Inc’s FY2018 Earnings (COBZ)” was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece of content on another domain, it was stolen and reposted in violation of U.S. & international copyright & trademark law. The original version of this piece of content can be accessed at https://www.dispatchtribunal.com/2018/01/14/fig-partners-weighs-in-on-cobiz-financial-incs-fy2018-earnings-cobz.html.

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.

Get a free copy of the Zacks research report on CoBiz Financial (COBZ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CoBiz Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply