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. “
CoBiz Financial Inc (NASDAQ:COBZ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
A number of other research firms have also recently commented on COBZ. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $19.00 price objective on shares of CoBiz Financial in a research report on Wednesday, April 5th. Hovde Group upgraded CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price objective for the company in a research report on Friday, March 10th. Finally, Piper Jaffray Companies initiated coverage on CoBiz Financial in a research report on Thursday, April 13th. They set a “neutral” rating and a $18.50 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $17.63. Shares of CoBiz Financial (NASDAQ:COBZ) opened at 16.66 on Tuesday. The company has a 50-day moving average price of $16.62 and a 200 day moving average price of $16.18. CoBiz Financial has a one year low of $10.86 and a one year high of $17.99. The stock has a market cap of $684.53 million, a price-to-earnings ratio of 19.37 and a beta of 1.24.
CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings data on Thursday, April 27th. The bank reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The company earned $38.41 million during the quarter, compared to analysts’ expectations of $40 million. CoBiz Financial had a return on equity of 12.18% and a net margin of 21.55%. Equities research analysts expect that CoBiz Financial will post $0.87 earnings per share for the current year. The business also recently declared a quarterly dividend, which will be paid on Monday, May 8th. Shareholders of record on Monday, May 1st will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Thursday, April 27th. CoBiz Financial’s payout ratio is 23.53%.
In other CoBiz Financial news, EVP David Pass sold 1,500 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $16.96, for a total value of $25,440.00. Following the completion of the sale, the executive vice president now owns 13,859 shares in the company, valued at $235,048.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mary M. White sold 3,667 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $17.06, for a total value of $62,559.02. Following the completion of the sale, the director now owns 6,235 shares of the company’s stock, valued at approximately $106,369.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,740 shares of company stock valued at $335,474. Company insiders own 11.38% of the company’s stock. A number of hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of CoBiz Financial by 31.4% in the third quarter. Wells Fargo & Company MN now owns 27,775 shares of the bank’s stock worth $370,000 after buying an additional 6,631 shares during the last quarter. Aperio Group LLC bought a new stake in shares of CoBiz Financial during the third quarter worth approximately $143,000. Citadel Advisors LLC bought a new stake in shares of CoBiz Financial during the third quarter worth approximately $698,000. Perkins Investment Management LLC boosted its stake in shares of CoBiz Financial by 22.9% in the third quarter. Perkins Investment Management LLC now owns 1,061,297 shares of the bank’s stock worth $14,126,000 after buying an additional 197,580 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of CoBiz Financial during the fourth quarter worth approximately $5,780,000. Institutional investors and hedge funds own 81.11% of the company’s stock.
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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