Zacks Investment Research upgraded shares of CBIZ, Inc. (NYSE:CBZ) from a hold rating to a buy rating in a research report sent to investors on Friday, May 12th. The brokerage currently has $17.00 price objective on the business services provider’s stock.
According to Zacks, “CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, merger and acquisition advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states. “
Shares of CBIZ (CBZ) traded down 0.66% during midday trading on Friday, hitting $15.15. 308,075 shares of the company were exchanged. The company has a 50-day moving average price of $15.25 and a 200-day moving average price of $14.00. CBIZ has a 52-week low of $9.95 and a 52-week high of $15.90. The stock has a market capitalization of $810.72 million, a price-to-earnings ratio of 18.96 and a beta of 0.92.
CBIZ (NYSE:CBZ) last announced its earnings results on Thursday, April 27th. The business services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. CBIZ had a return on equity of 20.33% and a net margin of 10.36%. The business had revenue of $241.46 million during the quarter, compared to the consensus estimate of $241.95 million. During the same period in the prior year, the business posted $0.41 earnings per share. CBIZ’s revenue was up 7.7% compared to the same quarter last year. On average, analysts forecast that CBIZ will post $0.83 EPS for the current year.
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In other CBIZ news, insider Michael W. Gleespen sold 8,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $15.01, for a total value of $120,080.00. Following the transaction, the insider now directly owns 101,712 shares of the company’s stock, valued at approximately $1,526,697.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven L. Gerard sold 89,500 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $15.63, for a total value of $1,398,885.00. Following the transaction, the director now directly owns 363,983 shares in the company, valued at approximately $5,689,054.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 235,521 shares of company stock worth $3,628,303. Insiders own 7.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its position in shares of CBIZ by 13.9% in the third quarter. First Trust Advisors LP now owns 29,050 shares of the business services provider’s stock worth $325,000 after buying an additional 3,536 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in CBIZ by 22.3% in the third quarter. TIAA CREF Investment Management LLC now owns 374,243 shares of the business services provider’s stock worth $4,188,000 after buying an additional 68,259 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in CBIZ by 54.1% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 41,040 shares of the business services provider’s stock worth $459,000 after buying an additional 14,410 shares during the period. Acrospire Investment Management LLC raised its stake in CBIZ by 69.3% in the third quarter. Acrospire Investment Management LLC now owns 12,189 shares of the business services provider’s stock worth $136,000 after buying an additional 4,989 shares during the period. Finally, Phocas Financial Corp. raised its stake in CBIZ by 6.5% in the third quarter. Phocas Financial Corp. now owns 993,164 shares of the business services provider’s stock worth $11,114,000 after buying an additional 60,565 shares during the period. 84.96% of the stock is currently owned by institutional investors and hedge funds.
CBIZ Company Profile
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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