Wall Street analysts predict that CoBiz Financial Inc. (NASDAQ:COBZ) will report $43.66 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for CoBiz Financial’s earnings, with the highest sales estimate coming in at $44.40 million and the lowest estimate coming in at $42.91 million. CoBiz Financial reported sales of $38.41 million in the same quarter last year, which indicates a positive year-over-year growth rate of 13.7%. The business is expected to report its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that CoBiz Financial will report full-year sales of $181.09 million for the current fiscal year, with estimates ranging from $177.18 million to $185.00 million. For the next year, analysts forecast that the company will report sales of $197.09 million per share, with estimates ranging from $192.88 million to $201.30 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The business had revenue of $43.09 million for the quarter, compared to analyst estimates of $43.10 million. CoBiz Financial had a net margin of 18.58% and a return on equity of 12.44%.
Several research firms recently weighed in on COBZ. Piper Jaffray restated a “hold” rating on shares of CoBiz Financial in a report on Tuesday, January 30th. Sandler O’Neill set a $24.00 price target 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 “hold” rating to a “sell” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded shares of CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $23.00 price target on the stock in a report on Friday, December 29th. Finally, ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. CoBiz Financial presently has a consensus rating of “Hold” and an average price target of $22.38.
Shares of NASDAQ COBZ traded down $0.26 during mid-day trading on Friday, reaching $19.48. 63,713 shares of the company’s stock traded hands, compared to its average volume of 130,341. The stock has a market capitalization of $833.77, a P/E ratio of 20.51, a P/E/G ratio of 1.60 and a beta of 1.18. CoBiz Financial has a 1-year low of $15.39 and a 1-year high of $22.01. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.95 and a quick ratio of 0.95.
In related news, CEO Steven Bangert sold 3,941 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $19.90, for a total transaction of $78,425.90. Following the transaction, the chief executive officer now directly owns 1,022,724 shares in the company, valued at $20,352,207.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David Pass sold 1,250 shares of the business’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $20.21, for a total transaction of $25,262.50. Following the transaction, the executive vice president now owns 13,568 shares in the company, valued at $274,209.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,691 shares of company stock worth $352,013. 9.47% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in CoBiz Financial by 34.4% in the third quarter. Wells Fargo & Company MN now owns 57,715 shares of the bank’s stock valued at $1,134,000 after acquiring an additional 14,780 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in CoBiz Financial by 5.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 190,111 shares of the bank’s stock valued at $3,734,000 after acquiring an additional 10,010 shares during the last quarter. Grandeur Peak Global Advisors LLC purchased a new position in CoBiz Financial in the third quarter valued at about $697,000. Walthausen & Co. LLC purchased a new position in CoBiz Financial in the third quarter valued at about $1,480,000. Finally, Martin & Co. Inc. TN boosted its stake in CoBiz Financial by 57.6% in the third quarter. Martin & Co. Inc. TN now owns 111,009 shares of the bank’s stock valued at $2,180,000 after acquiring an additional 40,585 shares during the last quarter. Institutional investors and hedge funds own 82.26% of the company’s stock.
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CoBiz Financial Company Profile
CoBiz Financial Inc, a diversified financial services company, provides various financial products and services in the United States. It operates through Commercial Banking and Fee-Based Lines segments. The Commercial Banking segment offers commercial, real estate, and private banking services, as well as treasury management, interest-rate hedging, and depository products.
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