Gabelli Funds LLC cut its position in shares of CoBiz Financial Inc (NASDAQ:COBZ) by 14.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,500 shares of the bank’s stock after selling 5,922 shares during the period. Gabelli Funds LLC owned approximately 0.08% of CoBiz Financial worth $690,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Voya Investment Management LLC boosted its stake in CoBiz Financial by 6.3% during the second quarter. Voya Investment Management LLC now owns 28,708 shares of the bank’s stock valued at $500,000 after buying an additional 1,698 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in CoBiz Financial by 16.3% during the second quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock valued at $261,000 after purchasing an additional 2,105 shares during the period. Wells Fargo & Company MN raised its position in CoBiz Financial by 5.3% during the second quarter. Wells Fargo & Company MN now owns 42,935 shares of the bank’s stock valued at $746,000 after purchasing an additional 2,180 shares during the period. New York State Common Retirement Fund raised its position in CoBiz Financial by 8.4% during the second quarter. New York State Common Retirement Fund now owns 38,600 shares of the bank’s stock valued at $672,000 after purchasing an additional 2,999 shares during the period. Finally, California Public Employees Retirement System raised its position in CoBiz Financial by 4.2% during the second quarter. California Public Employees Retirement System now owns 92,200 shares of the bank’s stock valued at $1,604,000 after purchasing an additional 3,700 shares during the period. 84.44% of the stock is owned by institutional investors.
Shares of CoBiz Financial Inc (COBZ) opened at $19.30 on Thursday. CoBiz Financial Inc has a 52-week low of $15.39 and a 52-week high of $22.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $805.50, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 1.55 and a beta of 1.17.
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Shareholders of record on Monday, January 29th were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Friday, January 26th. This represents a $0.22 dividend on an annualized basis and a yield of 1.14%. CoBiz Financial’s dividend payout ratio (DPR) is presently 27.85%.
In other news, CEO Steven Bangert sold 2,000 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $20.48, for a total value of $40,960.00. Following the sale, the chief executive officer now directly owns 1,006,359 shares in the company, valued at $20,610,232.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 9.90% of the company’s stock.
A number of equities research analysts have issued reports on COBZ shares. Zacks Investment Research downgraded CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Keefe, Bruyette & Woods restated a “buy” rating and set a $23.00 price objective on shares of CoBiz Financial in a research report on Friday, December 22nd. BidaskClub downgraded CoBiz Financial from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. ValuEngine upgraded CoBiz Financial from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Sandler O’Neill set a $24.00 price objective on CoBiz Financial and gave the company a “buy” rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $21.70.
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CoBiz Financial 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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