CoBiz Financial (COBZ) Downgraded by BidaskClub to Buy

CoBiz Financial (NASDAQ:COBZ) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Several other equities research analysts have also commented on the stock. Zacks Investment Research upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Tuesday, September 5th. ValuEngine lowered shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $20.13.

CoBiz Financial (COBZ) traded down $0.08 during trading hours on Thursday, hitting $20.72. 138,844 shares of the stock were exchanged, compared to its average volume of 107,179. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. CoBiz Financial has a fifty-two week low of $15.39 and a fifty-two week high of $22.01. The firm has a market cap of $886.48, a PE ratio of 23.07, a PEG ratio of 2.17 and a beta of 1.26.

CoBiz Financial (NASDAQ:COBZ) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04. CoBiz Financial had a net margin of 21.95% and a return on equity of 12.06%. The business had revenue of $42.76 million for the quarter, compared to analysts’ expectations of $41.13 million. analysts forecast that CoBiz Financial will post 0.97 EPS for the current year.

In related news, insider Robert Ostertag sold 17,176 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $20.90, for a total value of $358,978.40. Following the sale, the insider now directly owns 53,445 shares in the company, valued at approximately $1,117,000.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Richard J. Dalton sold 10,004 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $20.76, for a total transaction of $207,683.04. Following the completion of the sale, the chief operating officer now owns 74,078 shares in the company, valued at $1,537,859.28. The disclosure for this sale can be found here. Insiders sold a total of 52,205 shares of company stock worth $1,086,023 over the last quarter. Insiders own 9.90% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in shares of CoBiz Financial by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock worth $33,203,000 after buying an additional 57,691 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in CoBiz Financial by 8.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,821,143 shares of the bank’s stock valued at $31,688,000 after purchasing an additional 136,467 shares in the last quarter. Vanguard Group Inc. lifted its holdings in CoBiz Financial by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,703,546 shares of the bank’s stock valued at $29,642,000 after purchasing an additional 35,154 shares in the last quarter. FMR LLC lifted its holdings in CoBiz Financial by 2.4% in the 2nd quarter. FMR LLC now owns 1,509,947 shares of the bank’s stock valued at $26,273,000 after purchasing an additional 35,735 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in CoBiz Financial by 13.9% in the 3rd quarter. Macquarie Group Ltd. now owns 1,306,780 shares of the bank’s stock valued at $25,665,000 after purchasing an additional 159,512 shares in the last quarter. Institutional investors and hedge funds own 82.89% of the company’s stock.

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CoBiz Financial Company Profile

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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