CoBiz Financial Inc (NASDAQ:COBZ) was the recipient of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 351,648 shares, a drop of 38.3% from the January 12th total of 570,318 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 148,629 shares, the short-interest ratio is presently 2.4 days.
Several research analysts recently issued reports on COBZ shares. ValuEngine raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Sandler O’Neill set a $24.00 target price on shares of CoBiz Financial and gave the stock a “buy” rating in a report on Monday, January 29th. BidaskClub cut shares of CoBiz Financial from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $23.00 target price on shares of CoBiz Financial in a report on Friday, December 22nd. Finally, Zacks Investment Research cut shares of CoBiz Financial from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $21.70.
In related news, CEO Steven Bangert sold 2,000 shares of the firm’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $20.48, for a total transaction of $40,960.00. Following the completion of the transaction, the chief executive officer now owns 1,006,359 shares of the company’s stock, valued at $20,610,232.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 9.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in COBZ. Schwab Charles Investment Management Inc. grew its position 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 valued at $3,134,000 after buying an additional 22,121 shares during the period. Legal & General Group Plc grew its position in CoBiz Financial by 4.2% during the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after buying an additional 371 shares during the period. Wells Fargo & Company MN grew its position in CoBiz Financial by 5.3% during the second quarter. Wells Fargo & Company MN now owns 42,935 shares of the bank’s stock valued at $746,000 after buying an additional 2,180 shares during the period. Alliancebernstein L.P. grew its position in CoBiz Financial by 23.4% during the second quarter. Alliancebernstein L.P. now owns 45,421 shares of the bank’s stock valued at $790,000 after buying an additional 8,600 shares during the period. Finally, New York State Common Retirement Fund grew its position in CoBiz Financial by 8.4% during the second quarter. New York State Common Retirement Fund now owns 38,600 shares of the bank’s stock valued at $672,000 after buying an additional 2,999 shares during the period. Institutional investors own 83.01% of the company’s stock.
Shares of CoBiz Financial (NASDAQ:COBZ) opened at $19.05 on Monday. The company has a market cap of $804.23, a price-to-earnings ratio of 24.11, a P/E/G ratio of 1.54 and a beta of 1.17. 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 52-week low of $15.39 and a 52-week high of $22.01.
The company also recently declared a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Monday, January 29th were given a dividend of $0.055 per share. The ex-dividend date was Friday, January 26th. This represents a $0.22 annualized dividend and a yield of 1.15%. CoBiz Financial’s dividend payout ratio is presently 27.85%.
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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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