Zacks Investment Research upgraded shares of CoBiz Financial (NASDAQ:COBZ) from a hold rating to a strong-buy rating in a research report sent to investors on Friday, December 29th. Zacks Investment Research currently has $23.00 price objective on the bank’s stock.
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. “
COBZ has been the subject of several other research reports. Keefe, Bruyette & Woods reissued a buy rating and issued a $23.00 price target on shares of CoBiz Financial in a report on Friday, December 22nd. BidaskClub downgraded CoBiz Financial from a buy rating to a hold rating in a report on Wednesday, December 20th. Finally, ValuEngine downgraded CoBiz Financial from a buy rating to a hold rating in a report 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 assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $21.13.
CoBiz Financial (COBZ) opened at $21.41 on Friday. The company has a market capitalization 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 debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. CoBiz Financial has a 52 week low of $15.39 and a 52 week high of $22.01.
CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%. The firm had revenue of $42.76 million for the quarter, compared to analyst estimates of $41.13 million. analysts forecast that CoBiz Financial will post 0.97 EPS for the current year.
In related news, CEO Scott Page sold 5,307 shares of CoBiz Financial stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $20.84, for a total transaction of $110,597.88. Following the completion of the transaction, the chief executive officer now directly owns 60,239 shares in the company, valued at $1,255,380.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steven Bangert sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $20.80, for a total value of $104,000.00. Following the completion of the sale, the chief executive officer now owns 1,011,242 shares of the company’s stock, valued at $21,033,833.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,205 shares of company stock valued at $1,086,023. 9.90% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Simplex Trading LLC purchased a new stake in shares of CoBiz Financial during the fourth quarter worth approximately $116,000. Legal & General Group Plc increased its position in shares of 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 purchasing an additional 371 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of CoBiz Financial during the second quarter worth approximately $180,000. GSA Capital Partners LLP purchased a new stake in shares of CoBiz Financial during the third quarter worth approximately $206,000. Finally, Keybank National Association OH purchased a new stake in shares of CoBiz Financial during the third quarter worth approximately $224,000. Hedge funds and other 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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