Equities analysts forecast that CoBiz Financial Inc. (NASDAQ:COBZ) will report earnings per share of $0.21 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for CoBiz Financial’s earnings, with estimates ranging from $0.20 to $0.22. CoBiz Financial also reported earnings per share of $0.21 during the same quarter last year. The business is expected to issue its next quarterly earnings results after the market closes on Thursday, July 20th.
On average, analysts expect that CoBiz Financial will report full year earnings of $0.88 per share for the current financial year, with EPS estimates ranging from $0.87 to $0.90. For the next year, analysts expect that the company will post earnings of $1.05 per share, with EPS estimates ranging from $1.00 to $1.08. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for CoBiz Financial.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. CoBiz Financial had a return on equity of 12.11% and a net margin of 21.98%. The company had revenue of $38.41 million during the quarter, compared to analysts’ expectations of $40 million.
COBZ has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $19.00 price objective on shares of CoBiz Financial in a research note on Wednesday, April 5th. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Zacks Investment Research raised CoBiz Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Piper Jaffray Companies initiated coverage on CoBiz Financial in a research note on Thursday, April 13th. They set a “neutral” rating and a $18.50 price objective for the company. Finally, Hovde Group raised CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price objective for the company in a research note on Friday, March 10th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $17.63.
CoBiz Financial (COBZ) traded up 1.03% during trading on Tuesday, hitting $17.58. The stock had a trading volume of 53,925 shares. CoBiz Financial has a 52 week low of $11.60 and a 52 week high of $17.99. The company has a 50-day moving average of $16.28 and a 200-day moving average of $16.77. The stock has a market capitalization of $726.37 million, a P/E ratio of 20.44 and a beta of 1.20.
In other CoBiz Financial news, CEO Steven Bangert sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $16.41, for a total transaction of $164,100.00. Following the sale, the chief executive officer now owns 1,024,242 shares in the company, valued at $16,807,811.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Ostertag sold 3,976 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $16.02, for a total value of $63,695.52. Following the sale, the insider now owns 68,930 shares in the company, valued at approximately $1,104,258.60. The disclosure for this sale can be found here. Insiders have sold 25,004 shares of company stock worth $413,887 in the last 90 days. Company insiders own 9.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in CoBiz Financial by 22.9% in the first quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock worth $47,363,000 after buying an additional 524,536 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in CoBiz Financial by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,684,676 shares of the bank’s stock worth $28,303,000 after buying an additional 127,945 shares during the last quarter. Geode Capital Management LLC increased its stake in CoBiz Financial by 32.6% in the first quarter. Geode Capital Management LLC now owns 361,533 shares of the bank’s stock worth $6,073,000 after buying an additional 88,870 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in CoBiz Financial during the first quarter worth $1,229,000. Finally, FMR LLC increased its stake in CoBiz Financial by 4.8% in the first quarter. FMR LLC now owns 1,474,212 shares of the bank’s stock worth $24,767,000 after buying an additional 67,565 shares during the last quarter. Institutional investors and hedge funds own 81.56% of the company’s stock.
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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