CBIZ (NYSE:CBZ) to Repurchase 5,000,000 Outstanding Shares

CBIZ (NYSE:CBZ) declared that its board has approved a stock repurchase program, which permits the company to repurchase 5,000,000 shares on Wednesday, February 14th, EventVestor reports. This repurchase authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

CBZ has been the subject of a number of research reports. Zacks Investment Research cut shares of CBIZ from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. ValuEngine downgraded shares of CBIZ from a “buy” rating to a “hold” rating in a report on Friday, December 1st.

Shares of CBIZ (NYSE CBZ) traded down $0.10 during midday trading on Wednesday, hitting $18.90. 188,245 shares of the company’s stock were exchanged, compared to its average volume of 214,429. The company has a market capitalization of $1,058.92, a P/E ratio of 21.02 and a beta of 0.70. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.34 and a current ratio of 1.34. CBIZ has a one year low of $13.40 and a one year high of $19.65.

CBIZ (NYSE:CBZ) last posted its quarterly earnings results on Thursday, February 15th. The business services provider reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. CBIZ had a net margin of 5.89% and a return on equity of 9.28%. The firm had revenue of $195.00 million for the quarter, compared to analyst estimates of $191.40 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. research analysts expect that CBIZ will post 1.05 earnings per share for the current year.

In other news, insider Ware H. Grove sold 25,000 shares of the stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $18.35, for a total value of $458,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven L. Gerard sold 26,423 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $15.03, for a total transaction of $397,137.69. Following the completion of the transaction, the director now owns 349,906 shares of the company’s stock, valued at approximately $5,259,087.18. The disclosure for this sale can be found here. Insiders sold 161,370 shares of company stock worth $2,849,227 over the last 90 days. 6.90% of the stock is currently owned by corporate insiders.

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About CBIZ

CBIZ, Inc (CBIZ) is engaged in the professional services business. The Company operates its professional services business through acquiring and integrating accounting and financial service providers, group health benefits consulting firms, property and casualty brokerage firms, payroll service providers, and valuation and other service firms throughout the United States.

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