CBIZ (NYSE:CBZ) Reaches New 52-Week Low – Here’s Why

CBIZ, Inc. (NYSE:CBZ) hit a new 52-week low during trading on Monday . The stock traded as low as $27.06 and last traded at $27.7950, with a volume of 195604 shares. The stock had previously closed at $29.15.

Analysts Set New Price Targets

CBZ has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of CBIZ in a research report on Wednesday, January 21st. CJS Securities raised shares of CBIZ to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, Deutsche Bank Aktiengesellschaft began coverage on CBIZ in a report on Monday, January 12th. They set a “hold” rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, CBIZ has an average rating of “Moderate Buy” and an average target price of $60.00.

CBIZ Price Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.57 and a current ratio of 1.57. The stock’s 50-day moving average is $44.47 and its two-hundred day moving average is $51.64. The stock has a market cap of $1.51 billion, a PE ratio of 18.22 and a beta of 0.92.

Insiders Place Their Bets

In related news, Director Benaree Pratt Wiley sold 8,288 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $49.54, for a total value of $410,587.52. Following the sale, the director owned 35,956 shares in the company, valued at approximately $1,781,260.24. The trade was a 18.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brad S. Lakhia bought 2,060 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased at an average cost of $48.51 per share, for a total transaction of $99,930.60. Following the purchase, the chief financial officer owned 40,584 shares in the company, valued at $1,968,729.84. This represents a 5.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 4.95% of the company’s stock.

Hedge Funds Weigh In On CBIZ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CBZ. Durable Capital Partners LP purchased a new position in CBIZ in the third quarter valued at $207,872,000. 22C Capital LLC purchased a new stake in CBIZ during the 4th quarter worth about $161,554,000. Burgundy Asset Management Ltd. increased its holdings in CBIZ by 4.5% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,321,198 shares of the business services provider’s stock worth $166,453,000 after purchasing an additional 100,932 shares during the period. Bank of Montreal Can acquired a new stake in CBIZ in the 4th quarter valued at about $113,596,000. Finally, P2 Capital Partners LLC boosted its stake in shares of CBIZ by 3.3% in the 4th quarter. P2 Capital Partners LLC now owns 1,773,391 shares of the business services provider’s stock valued at $89,468,000 after buying an additional 57,066 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About CBIZ

CBIZ, Inc (NYSE: CBZ), founded in 1996 and headquartered in Cleveland, Ohio, is a leading provider of professional business services in the United States. Since its inception, the company has grown through both organic expansion and strategic acquisitions to deliver a broad spectrum of financial, tax and advisory solutions tailored to the needs of small to mid-market organizations.

Through its Financial & Advisory Services segment, CBIZ offers accounting, tax preparation and compliance, audit support, and wealth management services.