CoBiz Financial (COBZ) Rating Lowered to Sell at BidaskClub

CoBiz Financial (NASDAQ:COBZ) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.

Several other equities analysts have also recently issued reports on the stock. ValuEngine upgraded shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $23.00 target price for the company in a research note on Friday, December 29th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $23.00 target price on shares of CoBiz Financial in a research note on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $21.13.

CoBiz Financial (COBZ) opened at $20.13 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. CoBiz Financial has a 12 month low of $15.39 and a 12 month high of $22.01. The stock has a market cap of $839.18, a price-to-earnings ratio of 22.12, a P/E/G ratio of 1.67 and a beta of 1.26.

CoBiz Financial (NASDAQ:COBZ) last posted its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $42.76 million during the quarter, compared to analysts’ expectations of $41.13 million. research analysts anticipate that CoBiz Financial will post 0.97 earnings per share for the current year.

In other CoBiz Financial news, insider Robert Ostertag sold 17,176 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $20.90, for a total transaction of $358,978.40. Following the completion of the transaction, the insider now directly owns 53,445 shares in the company, valued at $1,117,000.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher S. Huss sold 5,000 shares of the company’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $20.85, for a total transaction of $104,250.00. Following the transaction, the insider now owns 31,002 shares of the company’s stock, valued at $646,391.70. The disclosure for this sale can be found here. Insiders have sold 52,205 shares of company stock valued at $1,086,023 over the last 90 days. 9.90% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the business. Rhumbline Advisers raised its position in CoBiz Financial by 0.6% during the second quarter. Rhumbline Advisers now owns 47,779 shares of the bank’s stock worth $831,000 after acquiring an additional 265 shares during the period. Legal & General Group Plc raised its position in CoBiz Financial by 4.2% during the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock worth $160,000 after acquiring an additional 371 shares during the period. Martin & Co. Inc. TN raised its position in CoBiz Financial by 0.6% during the second quarter. Martin & Co. Inc. TN now owns 70,424 shares of the bank’s stock worth $1,225,000 after acquiring an additional 415 shares during the period. Voya Investment Management LLC raised its position in CoBiz Financial by 6.3% during the second quarter. Voya Investment Management LLC now owns 28,708 shares of the bank’s stock worth $500,000 after acquiring an additional 1,698 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in CoBiz Financial by 16.3% during the second quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock worth $261,000 after acquiring an additional 2,105 shares during the period. Institutional investors own 82.89% of the company’s stock.

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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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