$41.10 Million in Sales Expected for CoBiz Financial Inc. (COBZ) This Quarter

Wall Street brokerages expect CoBiz Financial Inc. (NASDAQ:COBZ) to announce $41.10 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for CoBiz Financial’s earnings, with the highest sales estimate coming in at $42.70 million and the lowest estimate coming in at $39.50 million. CoBiz Financial posted sales of $36.35 million in the same quarter last year, which suggests a positive year over year growth rate of 13.1%. The firm is expected to report its next quarterly earnings report on Thursday, July 20th.

On average, analysts expect that CoBiz Financial will report full year sales of $41.10 million for the current financial year, with estimates ranging from $160.70 million to $173.00 million. For the next financial year, analysts expect that the business will report sales of $183.75 million per share, with estimates ranging from $176.50 million to $191.00 million. Zacks’ sales averages are an average based on a survey of analysts that cover CoBiz Financial.

CoBiz Financial (NASDAQ:COBZ) last released its quarterly earnings results on Thursday, April 27th. The bank reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. CoBiz Financial had a net margin of 21.98% and a return on equity of 12.11%. The business had revenue of $38.41 million for the quarter, compared to analysts’ expectations of $40 million.

COBZ has been the subject of a number of analyst reports. ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods reissued a “buy” rating and set a $19.00 price objective on shares of CoBiz Financial in a research report on Wednesday, April 5th. Piper Jaffray Companies initiated coverage on CoBiz Financial in a research report on Thursday, April 13th. They set a “neutral” rating and a $18.50 price objective for the company. Hovde Group raised CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price objective for the company in a research report on Friday, March 10th. Finally, Zacks Investment Research downgraded CoBiz Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $17.63.

In related news, insider Christopher S. Huss sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $17.35, for a total value of $86,750.00. Following the completion of the transaction, the insider now directly owns 36,002 shares of the company’s stock, valued at $624,634.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael B. Burgamy sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $16.70, for a total value of $25,050.00. Following the completion of the transaction, the director now directly owns 236,321 shares of the company’s stock, valued at $3,946,560.70. The disclosure for this sale can be found here. Insiders sold 25,004 shares of company stock valued at $413,887 over the last ninety days. 9.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Spark Investment Management LLC acquired a new position in shares of CoBiz Financial during the first quarter worth about $212,000. Parametric Portfolio Associates LLC increased its position in shares of CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock worth $217,000 after buying an additional 504 shares during the period. United Capital Financial Advisers LLC increased its position in shares of CoBiz Financial by 0.4% in the fourth quarter. United Capital Financial Advisers LLC now owns 14,826 shares of the bank’s stock worth $250,000 after buying an additional 66 shares during the period. Sit Investment Associates Inc. acquired a new position in shares of CoBiz Financial during the first quarter worth about $298,000. Finally, American International Group Inc. increased its position in shares of CoBiz Financial by 7.1% in the first quarter. American International Group Inc. now owns 22,906 shares of the bank’s stock worth $385,000 after buying an additional 1,517 shares during the period. 81.56% of the stock is owned by hedge funds and other institutional investors.

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CoBiz Financial (NASDAQ COBZ) traded down 1.13% during mid-day trading on Friday, hitting $16.57. 192,388 shares of the stock were exchanged. The firm has a market cap of $684.64 million, a P/E ratio of 19.27 and a beta of 1.20. CoBiz Financial has a 12-month low of $10.86 and a 12-month high of $17.99. The company has a 50 day moving average of $16.31 and a 200 day moving average of $16.72.

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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