Zacks Investment Research upgraded shares of CoBiz Financial (NASDAQ:COBZ) from a hold rating to a strong-buy rating in a report published on Friday. The firm currently has $23.00 price target 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. “
Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of CoBiz Financial from a strong-buy rating to a buy rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods restated a buy rating and set a $23.00 target price on shares of CoBiz Financial in a research report on Friday, December 22nd. Finally, ValuEngine lowered shares of CoBiz Financial from a buy rating to a hold rating in a research report on Monday, October 2nd. Three 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. CoBiz Financial presently has a consensus rating of Buy and an average target price of $21.13.
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 Thomson Reuters’ consensus estimate of $0.23 by $0.04. The company had revenue of $42.76 million for the quarter, compared to analyst estimates of $41.13 million. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%. equities research analysts anticipate that CoBiz Financial will post 0.97 EPS for the current fiscal year.
In related news, insider Christopher S. Huss sold 5,000 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $20.85, for a total transaction of $104,250.00. Following the completion of the sale, the insider now directly owns 31,002 shares of the company’s stock, valued at $646,391.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mary Beth Vitale sold 2,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $20.59, for a total value of $41,180.00. Following the completion of the sale, the director now directly owns 2,715 shares of the company’s stock, valued at approximately $55,901.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,205 shares of company stock valued at $1,086,023. Corporate insiders own 9.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in CoBiz Financial by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock valued at $33,203,000 after acquiring an additional 57,691 shares during the period. Goldman Sachs Group Inc. lifted its holdings in CoBiz Financial by 8.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after acquiring an additional 136,467 shares during the period. Vanguard Group Inc. lifted its holdings in CoBiz Financial by 2.1% in the second quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock valued at $29,642,000 after acquiring an additional 35,154 shares during the period. FMR LLC lifted its holdings in CoBiz Financial by 2.4% in the second quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock valued at $26,273,000 after acquiring an additional 35,735 shares during the period. Finally, Macquarie Group Ltd. lifted its holdings in CoBiz Financial by 13.9% in the third quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock valued at $25,665,000 after acquiring an additional 159,512 shares during the period. 82.89% of the stock is owned by institutional investors.
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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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