DA Davidson Reaffirms “Neutral” Rating for CoBiz Financial Inc. (COBZ)

DA Davidson reiterated their neutral rating on shares of CoBiz Financial Inc. (NASDAQ:COBZ) in a research note published on Friday, July 21st.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods restated a buy rating and issued a $19.00 price objective on shares of CoBiz Financial in a research note on Wednesday, April 5th. ValuEngine upgraded CoBiz Financial from a hold rating to a buy rating in a research note on Thursday, June 15th. BidaskClub cut CoBiz Financial from a buy rating to a hold rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded CoBiz Financial from a sell rating to a hold rating in a research note on Wednesday, June 28th. Finally, Piper Jaffray Companies initiated coverage on CoBiz Financial in a research note on Thursday, April 13th. They issued a neutral rating and a $18.50 price objective on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. CoBiz Financial has a consensus rating of Buy and an average price target of $19.13.

Shares of CoBiz Financial (NASDAQ:COBZ) traded up 0.42% during trading on Friday, hitting $16.84. 60,159 shares of the stock traded hands. CoBiz Financial has a 1-year low of $12.40 and a 1-year high of $18.85. The stock has a market cap of $696.52 million, a price-to-earnings ratio of 18.92 and a beta of 1.20. The stock has a 50 day moving average price of $17.38 and a 200-day moving average price of $16.86.

CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.23 earnings per share (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 business had revenue of $40.32 million for the quarter, compared to analysts’ expectations of $39.88 million. Equities analysts forecast that CoBiz Financial will post $0.92 EPS for the current year.

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The business also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 31st were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Thursday, July 27th. This is a boost from CoBiz Financial’s previous quarterly dividend of $0.05. This represents a $0.22 annualized dividend and a dividend yield of 1.31%. CoBiz Financial’s dividend payout ratio is currently 24.72%.

In other news, CEO Steven Bangert sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $17.62, for a total transaction of $140,960.00. Following the sale, the chief executive officer now directly owns 1,016,242 shares in the company, valued at $17,906,184.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher S. Huss sold 5,000 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was 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 of the company’s stock, valued at approximately $624,634.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,543 shares of company stock worth $738,866. Company insiders own 9.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc raised its position in shares of CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after buying an additional 371 shares during the last quarter. Aperio Group LLC acquired a new position in shares of CoBiz Financial during the second quarter valued at approximately $180,000. Spark Investment Management LLC acquired a new position in shares of CoBiz Financial during the first quarter valued at approximately $212,000. Parametric Portfolio Associates LLC raised its position in shares of CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock valued at $217,000 after buying an additional 504 shares during the last quarter. Finally, BSW Wealth Partners raised its position in shares of CoBiz Financial by 0.3% in the second quarter. BSW Wealth Partners now owns 14,399 shares of the bank’s stock valued at $251,000 after buying an additional 43 shares during the last quarter. 81.83% of the stock is owned by institutional investors.

CoBiz Financial Company 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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