CoBiz Financial (COBZ) Cut to “Sell” at BidaskClub

CoBiz Financial (NASDAQ:COBZ) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Friday.

Other equities analysts have also issued reports about the stock. Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Tuesday, September 19th. ValuEngine raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $23.00 target price on shares of CoBiz Financial in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $21.13.

Shares of CoBiz Financial (NASDAQ:COBZ) traded up $0.27 during midday trading on Friday, reaching $20.40. 69,253 shares of the company were exchanged, compared to its average volume of 94,053. The firm has a market cap of $861.55, a price-to-earnings ratio of 22.42, a PEG ratio of 1.71 and a beta of 1.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. CoBiz Financial has a 12-month low of $15.39 and a 12-month high of $22.01.

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

In other news, CEO Steven Bangert sold 2,000 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $20.48, for a total transaction of $40,960.00. Following the completion of the transaction, the chief executive officer now directly owns 1,006,359 shares in the company, valued at approximately $20,610,232.32. The transaction 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 stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $20.85, for a total transaction of $104,250.00. Following the transaction, the insider now owns 31,002 shares of the company’s stock, valued at $646,391.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,205 shares of company stock valued at $1,086,023. Company insiders own 9.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of CoBiz Financial by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock worth $33,203,000 after buying an additional 57,691 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of CoBiz Financial by 8.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after purchasing an additional 136,467 shares during the period. Vanguard Group Inc. raised its holdings in shares of CoBiz Financial by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock valued at $29,642,000 after purchasing an additional 35,154 shares during the period. FMR LLC raised its holdings in shares of CoBiz Financial by 2.4% in the 2nd quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock valued at $26,273,000 after purchasing an additional 35,735 shares during the period. Finally, Macquarie Group Ltd. raised its holdings in shares of CoBiz Financial by 13.9% in the 3rd quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock valued at $25,665,000 after purchasing an additional 159,512 shares during the period. Institutional investors 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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