CoBiz Financial Inc (COBZ) Receives Average Rating of “Hold” from Analysts

Shares of CoBiz Financial Inc (NASDAQ:COBZ) have received a consensus rating of “Hold” from the six research firms that are covering the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $19.00.

COBZ has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, February 7th. Hovde Group raised shares of CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price target on the stock in a research note on Friday, March 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $19.00 price target on shares of CoBiz Financial in a research note on Wednesday, April 5th. Finally, Piper Jaffray Companies initiated coverage on shares of CoBiz Financial in a research note on Thursday. They set a “neutral” rating on the stock.

CoBiz Financial (NASDAQ:COBZ) traded down 2.90% during trading on Thursday, reaching $16.10. 64,325 shares of the company’s stock traded hands. CoBiz Financial has a 1-year low of $10.79 and a 1-year high of $17.99. The stock has a 50-day moving average price of $16.79 and a 200 day moving average price of $15.80. The stock has a market capitalization of $661.52 million, a P/E ratio of 19.17 and a beta of 1.24.

CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, January 26th. The company reported $0.21 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.21. The company had revenue of $39.26 million for the quarter, compared to the consensus estimate of $39.43 million. CoBiz Financial had a net margin of 21.55% and a return on equity of 12.18%. CoBiz Financial’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 earnings per share. Equities research analysts expect that CoBiz Financial will post $0.89 earnings per share for the current year.

In other news, COO Richard J. Dalton sold 5,324 shares of the firm’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $16.95, for a total value of $90,241.80. Following the transaction, the chief operating officer now owns 98,076 shares of the company’s stock, valued at approximately $1,662,388.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mary M. White sold 3,667 shares of the firm’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $17.06, for a total transaction of $62,559.02. Following the completion of the transaction, the director now directly owns 6,235 shares in the company, valued at approximately $106,369.10. The disclosure for this sale can be found here. In the last three months, insiders sold 35,407 shares of company stock worth $610,156. Insiders own 11.38% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Aperio Group LLC acquired a new position in shares of CoBiz Financial during the third quarter worth approximately $143,000. United Capital Financial Advisers LLC increased its position in shares of CoBiz Financial by 0.4% in the fourth quarter. United Capital Financial Advisers LLC now owns 14,826 shares of the company’s stock worth $250,000 after buying an additional 66 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of CoBiz Financial by 31.4% in the third quarter. Wells Fargo & Company MN now owns 27,775 shares of the company’s stock worth $370,000 after buying an additional 6,631 shares in the last quarter. Martingale Asset Management L P acquired a new position in shares of CoBiz Financial during the fourth quarter worth approximately $435,000. Finally, Citadel Advisors LLC acquired a new position in shares of CoBiz Financial during the third quarter worth approximately $698,000. 81.11% of the stock is currently owned by institutional investors and hedge funds.

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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.

5 Day Chart for NASDAQ:COBZ

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