Zacks Investment Research cut shares of CoBiz Financial (NASDAQ:COBZ) from a hold rating to a sell rating in a report issued on Monday morning.
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. “
Several other equities research analysts have also recently weighed in on COBZ. ValuEngine raised CoBiz Financial from a hold rating to a buy rating in a research note on Wednesday, May 2nd. BidaskClub raised CoBiz Financial from a hold rating to a buy rating in a research note on Wednesday, May 2nd. Sandler O’Neill cut CoBiz Financial from a buy rating to a hold rating in a research note on Tuesday, June 19th. Finally, Hovde Group cut CoBiz Financial from an outperform rating to a market perform rating in a research note on Wednesday, June 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $22.38.
Shares of COBZ stock opened at $21.69 on Monday. The stock has a market capitalization of $904.94 million, a PE ratio of 20.15, a P/E/G ratio of 1.73 and a beta of 1.19. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.39. CoBiz Financial has a 1-year low of $16.27 and a 1-year high of $23.48.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings results on Thursday, April 26th. The bank reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. The company had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $43.66 million. CoBiz Financial had a return on equity of 13.50% and a net margin of 20.43%. research analysts predict that CoBiz Financial will post 1.23 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in CoBiz Financial by 14.8% during the first quarter. Royal Bank of Canada now owns 417,488 shares of the bank’s stock worth $8,183,000 after purchasing an additional 53,958 shares during the period. Broadview Advisors LLC grew its stake in CoBiz Financial by 1.3% during the first quarter. Broadview Advisors LLC now owns 841,018 shares of the bank’s stock worth $16,484,000 after purchasing an additional 10,725 shares during the period. PNC Financial Services Group Inc. acquired a new stake in CoBiz Financial during the first quarter worth approximately $204,000. JPMorgan Chase & Co. grew its stake in CoBiz Financial by 3,473.9% during the first quarter. JPMorgan Chase & Co. now owns 296,921 shares of the bank’s stock worth $5,819,000 after purchasing an additional 288,613 shares during the period. Finally, Matarin Capital Management LLC acquired a new stake in CoBiz Financial during the first quarter worth approximately $877,000. 80.10% of the stock is owned by institutional investors and hedge funds.
CoBiz Financial Company Profile
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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