CoBiz Financial Inc. (COBZ) Stock Rating Lowered by BidaskClub

BidaskClub downgraded shares of CoBiz Financial Inc. (NASDAQ:COBZ) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages have also recently commented on COBZ. ValuEngine raised CoBiz Financial from a hold rating to a buy rating in a research note on Thursday, August 3rd. Zacks Investment Research cut CoBiz Financial from a hold rating to a sell rating in a research note on Tuesday, May 2nd. DA Davidson reissued a neutral rating on shares of CoBiz Financial in a research note on Friday, July 21st. Keefe, Bruyette & Woods reissued a buy rating and issued a $18.00 price objective on shares of CoBiz Financial in a research note on Tuesday, May 2nd. Finally, Piper Jaffray Companies reaffirmed a hold rating and set a $19.50 target price on shares of CoBiz Financial in a research report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. CoBiz Financial has a consensus rating of Buy and a consensus target price of $19.13.

CoBiz Financial (COBZ) opened at 17.20 on Friday. CoBiz Financial has a 52-week low of $11.80 and a 52-week high of $18.85. The firm’s 50-day moving average price is $17.37 and its 200-day moving average price is $16.86. The firm has a market cap of $711.41 million, a P/E ratio of 19.33 and a beta of 1.20.

CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. The firm had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $39.88 million. Equities research analysts expect that CoBiz Financial will post $0.92 EPS for the current year.

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The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 31st were given a dividend of $0.055 per share. This is a boost from CoBiz Financial’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, July 27th. This represents a $0.22 annualized dividend and a dividend yield of 1.28%. CoBiz Financial’s payout ratio is presently 24.72%.

In related news, CEO Steven Bangert sold 10,000 shares of CoBiz Financial stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $16.41, for a total transaction of $164,100.00. Following the transaction, the chief executive officer now owns 1,024,242 shares of the company’s stock, valued at $16,807,811.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher S. Huss sold 5,000 shares of CoBiz Financial stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $17.35, for a total value of $86,750.00. Following the transaction, the insider now directly owns 36,002 shares in the company, valued at approximately $624,634.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,571 shares of company stock worth $755,057. 9.90% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in COBZ. Dalton Greiner Hartman Maher & Co. boosted its position in shares of CoBiz Financial by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 75,915 shares of the bank’s stock valued at $1,275,000 after buying an additional 284 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of CoBiz Financial by 14.7% in the fourth quarter. Teachers Advisors LLC now owns 86,010 shares of the bank’s stock valued at $1,453,000 after buying an additional 11,022 shares during the last quarter. State Street Corp boosted its position in shares of CoBiz Financial by 4.1% in the fourth quarter. State Street Corp now owns 636,216 shares of the bank’s stock valued at $10,744,000 after buying an additional 25,178 shares during the last quarter. Stifel Financial Corp boosted its position in shares of CoBiz Financial by 6.6% in the first quarter. Stifel Financial Corp now owns 240,550 shares of the bank’s stock valued at $4,039,000 after buying an additional 14,942 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of CoBiz Financial by 4.8% in the first quarter. Swiss National Bank now owns 61,500 shares of the bank’s stock valued at $1,033,000 after buying an additional 2,800 shares during the last quarter. 81.83% of the stock is currently owned by institutional investors.

About CoBiz Financial

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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