Russell Investments Group Ltd. raised its stake in CoBiz Financial Inc (NASDAQ:COBZ) by 16.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 96,262 shares of the bank’s stock after buying an additional 13,661 shares during the period. Russell Investments Group Ltd.’s holdings in CoBiz Financial were worth $2,068,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COBZ. PNC Financial Services Group Inc. bought a new stake in shares of CoBiz Financial during the 1st quarter valued at about $204,000. Engineers Gate Manager LP bought a new stake in shares of CoBiz Financial during the 2nd quarter valued at about $1,120,000. Swiss National Bank boosted its position in shares of CoBiz Financial by 6.7% during the 1st quarter. Swiss National Bank now owns 65,600 shares of the bank’s stock valued at $1,286,000 after purchasing an additional 4,100 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of CoBiz Financial by 8.3% during the 1st quarter. Wells Fargo & Company MN now owns 76,728 shares of the bank’s stock valued at $1,504,000 after purchasing an additional 5,859 shares in the last quarter. Finally, Kellner Capital LLC bought a new stake in shares of CoBiz Financial during the 2nd quarter valued at about $1,974,000. Hedge funds and other institutional investors own 78.87% of the company’s stock.
In related news, insider Jeremy Lindner sold 4,309 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $22.70, for a total transaction of $97,814.30. Following the transaction, the insider now directly owns 16,527 shares of the company’s stock, valued at approximately $375,162.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.47% of the stock is currently owned by corporate insiders.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, August 2nd. The bank reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). CoBiz Financial had a return on equity of 14.26% and a net margin of 21.05%. equities research analysts forecast that CoBiz Financial Inc will post 1.22 earnings per share for the current year.
A number of research firms recently weighed in on COBZ. Keefe, Bruyette & Woods downgraded CoBiz Financial from an “outperform” rating to a “market perform” rating and set a $24.50 price target on the stock. in a research note on Friday, July 27th. DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 27th. BidaskClub raised CoBiz Financial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 2nd. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of CoBiz Financial in a research note on Wednesday, June 27th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $20.94.
About CoBiz Financial
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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