BidaskClub Lowers CoBiz Financial (COBZ) to Hold

BidaskClub cut shares of CoBiz Financial (NASDAQ:COBZ) from a buy rating to a hold rating in a research note released on Thursday.

COBZ has been the subject of a number of other research reports. Keefe, Bruyette & Woods downgraded shares of CoBiz Financial from an outperform rating to a market perform rating and set a $24.50 price target for the company. in a research note on Friday, July 27th. DA Davidson reiterated a neutral rating on shares of CoBiz Financial in a research note on Friday, July 27th. ValuEngine upgraded shares of CoBiz Financial from a hold rating to a buy rating in a research note on Tuesday, September 4th. Sandler O’Neill reiterated a hold rating on shares of CoBiz Financial in a research note on Wednesday, June 27th. Finally, Zacks Investment Research upgraded shares of CoBiz Financial from a sell rating to a hold rating in a research note on Friday, August 31st. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $20.94.

Shares of CoBiz Financial stock opened at $23.17 on Thursday. CoBiz Financial has a 52-week low of $16.71 and a 52-week high of $23.48. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $978.11 million, a P/E ratio of 24.39, a PEG ratio of 1.90 and a beta of 0.98.

CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings results on Thursday, August 2nd. The bank reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). CoBiz Financial had a return on equity of 13.80% and a net margin of 21.05%. equities research analysts anticipate that CoBiz Financial will post 1.22 EPS for the current fiscal year.

In other news, insider Jeremy Lindner sold 4,309 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $22.70, for a total transaction of $97,814.30. Following the completion of the sale, the insider now owns 16,527 shares in the company, valued at approximately $375,162.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 9.47% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of COBZ. Water Island Capital LLC purchased a new stake in shares of CoBiz Financial during the 2nd quarter worth approximately $31,461,000. JPMorgan Chase & Co. lifted its position in shares of CoBiz Financial by 3,473.9% during the 1st quarter. JPMorgan Chase & Co. now owns 296,921 shares of the bank’s stock worth $5,819,000 after buying an additional 288,613 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of CoBiz Financial by 26.8% during the 1st quarter. Victory Capital Management Inc. now owns 1,305,918 shares of the bank’s stock worth $25,596,000 after buying an additional 276,040 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in shares of CoBiz Financial during the 2nd quarter worth approximately $4,075,000. Finally, Renaissance Technologies LLC lifted its position in shares of CoBiz Financial by 30.6% during the 2nd quarter. Renaissance Technologies LLC now owns 741,400 shares of the bank’s stock worth $15,925,000 after buying an additional 173,900 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

About CoBiz Financial

CoBiz Financial Inc, a diversified financial services company, provides various financial products and services in the United States. It operates through Commercial Banking and Fee-Based Lines segments. The Commercial Banking segment offers commercial, real estate, and private banking services, as well as treasury management, interest-rate hedging, and depository products.

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