Royal Bank of Canada Cuts Position in CBIZ, Inc. $CBZ

Royal Bank of Canada cut its holdings in CBIZ, Inc. (NYSE:CBZ) by 21.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 274,198 shares of the business services provider’s stock after selling 74,600 shares during the period. Royal Bank of Canada’s holdings in CBIZ were worth $7,362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Durable Capital Partners LP bought a new stake in CBIZ during the third quarter worth $207,872,000. 22C Capital LLC purchased a new stake in shares of CBIZ during the 4th quarter valued at $161,554,000. Bank of Montreal Can purchased a new stake in shares of CBIZ during the 4th quarter valued at $113,596,000. Royce & Associates LP raised its stake in shares of CBIZ by 389.3% during the 4th quarter. Royce & Associates LP now owns 659,140 shares of the business services provider’s stock worth $33,254,000 after purchasing an additional 524,438 shares during the period. Finally, Citadel Advisors LLC boosted its holdings in shares of CBIZ by 253.6% in the 3rd quarter. Citadel Advisors LLC now owns 623,060 shares of the business services provider’s stock worth $32,997,000 after buying an additional 446,876 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

CBIZ Trading Down 0.1%

Shares of CBZ opened at $54.46 on Tuesday. The business’s 50-day moving average price is $39.39 and its 200-day moving average price is $33.75. CBIZ, Inc. has a twelve month low of $24.29 and a twelve month high of $67.24. The stock has a market cap of $2.95 billion, a PE ratio of 25.45, a P/E/G ratio of 1.14 and a beta of 0.92. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.74.

CBIZ (NYSE:CBZ) last announced its quarterly earnings results on Wednesday, July 29th. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.19. CBIZ had a net margin of 4.73% and a return on equity of 12.33%. The firm had revenue of $682.21 million for the quarter, compared to the consensus estimate of $697.96 million. During the same period in the prior year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities analysts forecast that CBIZ, Inc. will post 4.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CBZ. US Capital Advisors set a $55.00 price target on shares of CBIZ in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of CBIZ from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 28th. Barrington Research initiated coverage on shares of CBIZ in a research report on Wednesday, June 24th. They set an “outperform” rating and a $45.00 target price for the company. Stephens set a $37.00 price target on shares of CBIZ in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $42.00 price objective on shares of CBIZ in a research note on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $44.50.

CBIZ Profile

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.