Zacks Investment Research Downgrades CoBiz Financial (COBZ) to Hold

Zacks Investment Research cut shares of CoBiz Financial (NASDAQ:COBZ) from a buy rating to a hold rating in a research note published on Thursday.

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 research firms have also issued reports on COBZ. BidaskClub lowered shares of CoBiz Financial from a strong-buy rating to a buy rating in a report on Thursday, December 7th. ValuEngine lowered shares of CoBiz Financial from a buy rating to a hold rating in a report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $21.38.

Shares of CoBiz Financial (COBZ) opened at $20.53 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $875.92, a PE ratio of 22.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.26. CoBiz Financial has a 12 month low of $15.39 and a 12 month high of $22.01.

CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The firm had revenue of $42.76 million during the quarter, compared to the consensus estimate of $41.13 million. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%. equities analysts forecast that CoBiz Financial will post 0.97 EPS for the current year.

In other CoBiz Financial news, CEO Steven Bangert sold 2,000 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $20.48, for a total value of $40,960.00. Following the completion of the transaction, the chief executive officer now owns 1,006,359 shares in the company, valued at $20,610,232.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Lyne B. Andrich sold 2,335 shares of the company’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $20.99, for a total transaction of $49,011.65. Following the completion of the transaction, the chief financial officer now owns 101,122 shares of the company’s stock, valued at approximately $2,122,550.78. The disclosure for this sale can be found here. Insiders have sold 52,205 shares of company stock valued at $1,086,023 over the last 90 days. 9.90% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of COBZ. Teachers Advisors LLC increased its stake in shares of CoBiz Financial by 5.3% during the first quarter. Teachers Advisors LLC now owns 90,573 shares of the bank’s stock worth $1,522,000 after purchasing an additional 4,563 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of CoBiz Financial during the second quarter worth about $180,000. Schwab Charles Investment Management Inc. increased its stake in shares of CoBiz Financial by 14.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 180,101 shares of the bank’s stock worth $3,134,000 after purchasing an additional 22,121 shares in the last quarter. Rhumbline Advisers increased its stake in shares of CoBiz Financial by 0.6% during the second quarter. Rhumbline Advisers now owns 47,779 shares of the bank’s stock worth $831,000 after purchasing an additional 265 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of CoBiz Financial by 4.2% during the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after purchasing an additional 371 shares in the last quarter. Institutional investors and hedge funds own 82.89% of the company’s stock.

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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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