Polaris Capital Management LLC held its position in shares of CoBiz Financial Inc. (NASDAQ:COBZ) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,909 shares of the bank’s stock at the close of the second quarter. Polaris Capital Management LLC owned 0.25% of CoBiz Financial worth $1,808,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Sit Investment Associates Inc. boosted its stake in shares of CoBiz Financial by 14.8% in the second quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock valued at $355,000 after purchasing an additional 2,625 shares during the period. Swiss National Bank boosted its stake in shares of CoBiz Financial by 4.8% in the first quarter. Swiss National Bank now owns 61,500 shares of the bank’s stock valued at $1,033,000 after purchasing an additional 2,800 shares during the period. Wellington Management Group LLP boosted its stake in shares of CoBiz Financial by 22.9% in the first quarter. Wellington Management Group LLP now owns 2,819,215 shares of the bank’s stock valued at $47,363,000 after purchasing an additional 524,536 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of CoBiz Financial by 5.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 157,980 shares of the bank’s stock valued at $2,655,000 after purchasing an additional 8,667 shares during the period. Finally, Legato Capital Management LLC boosted its stake in shares of CoBiz Financial by 890.1% in the second quarter. Legato Capital Management LLC now owns 40,545 shares of the bank’s stock valued at $705,000 after purchasing an additional 36,450 shares during the period. 82.93% of the stock is owned by institutional investors and hedge funds.
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In other news, CEO Scott Page sold 8,057 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $17.68, for a total transaction of $142,447.76. Following the completion of the transaction, the chief executive officer now directly owns 65,774 shares in the company, valued at approximately $1,162,884.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Richard J. Dalton sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $17.80, for a total value of $178,000.00. Following the transaction, the chief operating officer now owns 84,082 shares of the company’s stock, valued at $1,496,659.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,543 shares of company stock valued at $488,016. Company insiders own 9.90% of the company’s stock.
Shares of CoBiz Financial Inc. (COBZ) traded down 0.078% on Friday, reaching $19.295. 20,264 shares of the company were exchanged. The company has a 50-day moving average price of $17.95 and a 200 day moving average price of $17.07. CoBiz Financial Inc. has a 1-year low of $12.40 and a 1-year high of $19.82. The stock has a market capitalization of $798.06 million, a PE ratio of 21.680 and a beta of 1.24.
CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.02. The firm had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $39.88 million. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. On average, analysts forecast that CoBiz Financial Inc. will post $0.92 EPS for the current fiscal year.
COBZ has been the subject of several recent research reports. ValuEngine raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. BidaskClub lowered shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. DA Davidson reissued a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 21st. Piper Jaffray Companies reissued a “hold” rating and issued a $19.50 price objective on shares of CoBiz Financial in a research note on Wednesday, July 26th. Finally, Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Wednesday, July 26th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. CoBiz Financial currently has a consensus rating of “Hold” and a consensus target price of $19.13.
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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