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.
ILLEGAL ACTIVITY NOTICE: “$41.10 Million in Sales Expected for CoBiz Financial Inc. (COBZ) This Quarter” was first reported by WKRB News and is the property of of WKRB News. If you are accessing this piece of content on another site, it was illegally stolen and reposted in violation of United States & international trademark & copyright legislation. The original version of this piece of content can be read at https://www.wkrb13.com/markets/2231105/41-10-million-in-sales-expected-for-cobiz-financial-inc-cobz-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2231105/41-10-million-in-sales-expected-for-cobiz-financial-inc-cobz-this-quarter.html
Receive News & Ratings for CoBiz Financial Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoBiz Financial Inc. and related companies with MarketBeat.com's FREE daily email newsletter.