CoBiz Financial (COBZ) Lifted to Hold at BidaskClub

CoBiz Financial (NASDAQ:COBZ) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Thursday.

A number of other research firms also recently weighed in on COBZ. Zacks Investment Research upgraded CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 price target for the company in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $23.00 price target on shares of CoBiz Financial in a research note on Friday, December 22nd. Finally, ValuEngine downgraded CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. CoBiz Financial currently has a consensus rating of “Buy” and a consensus price target of $21.13.

CoBiz Financial (COBZ) opened at $20.73 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 firm has a market capitalization of $861.56, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 1.71 and a beta of 1.26. CoBiz Financial has a one year low of $15.39 and a one year 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 Zacks’ 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 return on equity of 12.06% and a net margin of 21.95%. equities research analysts predict that CoBiz Financial will post 0.97 EPS for the current year.

In other news, insider Robert Ostertag sold 17,176 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $20.90, for a total value of $358,978.40. Following the completion of the sale, the insider now directly owns 53,445 shares of the company’s stock, valued at $1,117,000.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steven Bangert sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $20.80, for a total value of $104,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,011,242 shares of the company’s stock, valued at $21,033,833.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,205 shares of company stock valued at $1,086,023. Insiders own 9.90% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in COBZ. Janus Henderson Group PLC acquired a new stake in shares of CoBiz Financial in the second quarter valued at approximately $19,512,000. Victory Capital Management Inc. acquired a new stake in shares of CoBiz Financial in the third quarter valued at approximately $9,550,000. Jupiter Asset Management Ltd. lifted its position in shares of CoBiz Financial by 529.3% in the third quarter. Jupiter Asset Management Ltd. now owns 244,777 shares of the bank’s stock valued at $4,807,000 after buying an additional 205,879 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of CoBiz Financial by 13.9% in the third quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock valued at $25,665,000 after buying an additional 159,512 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of CoBiz Financial by 8.1% in the second quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after buying an additional 136,467 shares during the last quarter. 82.89% of the stock is owned by institutional investors.

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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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