Zacks Investment Research upgraded shares of CBIZ Inc. (NYSE:CBZ) from a hold rating to a buy rating in a report issued on Wednesday morning. The brokerage currently has $12.00 target price on the stock.
According to Zacks, “CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, merger and acquisition advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states. “
Separately, Sidoti started coverage on shares of CBIZ in a report on Tuesday, July 19th. They issued a buy rating on the stock.
Shares of CBIZ (NYSE:CBZ) opened at 11.18 on Wednesday. CBIZ has a 12 month low of $9.30 and a 12 month high of $11.82. The stock has a 50 day moving average of $11.32 and a 200 day moving average of $10.63. The stock has a market cap of $586.95 million, a PE ratio of 15.75 and a beta of 0.67.
CBIZ (NYSE:CBZ) last released its earnings results on Tuesday, August 2nd. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.01. The firm earned $197 million during the quarter, compared to analysts’ expectations of $198.70 million. CBIZ had a net margin of 4.94% and a return on equity of 11.75%. CBIZ’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $0.13 earnings per share. On average, equities analysts anticipate that CBIZ will post $0.75 earnings per share for the current fiscal year.
In other news, CEO Jerome P. Grisko sold 9,090 shares of the stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $11.08, for a total transaction of $100,717.20. Following the transaction, the chief executive officer now directly owns 519,074 shares in the company, valued at approximately $5,751,339.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Chris Spurio sold 7,000 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $11.60, for a total transaction of $81,200.00. Following the transaction, the insider now owns 186,140 shares in the company, valued at $2,159,224. The disclosure for this sale can be found here. Insiders own 7.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Burgundy Asset Management Ltd. raised its position in CBIZ by 12.4% in the second quarter. Burgundy Asset Management Ltd. now owns 5,412,122 shares of the company’s stock valued at $56,340,000 after buying an additional 598,791 shares during the last quarter. First Manhattan Co. raised its position in CBIZ by 1.8% in the second quarter. First Manhattan Co. now owns 2,894,930 shares of the company’s stock valued at $30,136,000 after buying an additional 52,029 shares during the last quarter. Vanguard Group Inc. raised its position in CBIZ by 3.1% in the second quarter. Vanguard Group Inc. now owns 1,919,655 shares of the company’s stock valued at $19,983,000 after buying an additional 57,599 shares during the last quarter. BlackRock Fund Advisors raised its position in CBIZ by 2.0% in the second quarter. BlackRock Fund Advisors now owns 1,272,973 shares of the company’s stock valued at $13,252,000 after buying an additional 25,079 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in CBIZ by 5.5% in the first quarter. Geode Capital Management LLC now owns 379,455 shares of the company’s stock valued at $3,828,000 after buying an additional 19,738 shares during the last quarter. Institutional investors and hedge funds own 84.62% of the company’s stock.
CBIZ, Inc is engaged in providing professional business services, products and solutions to businesses, as well as individuals, governmental entities and not-for-profit enterprises, throughout the United States and parts of Canada. The Company’s business units are aggregated into three practice groups: Financial Services, National Practices and Employee Services.
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