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.
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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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