CoBiz Financial Inc. (COBZ) Upgraded at BidaskClub

CoBiz Financial Inc. (NASDAQ:COBZ) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, July 25th.

Other analysts have also issued reports about the company. Zacks Investment Research lowered CoBiz Financial from a “hold” rating to a “sell” rating in a report on Wednesday, March 29th. DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a research note on Friday, July 21st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $19.00 price objective on shares of CoBiz Financial in a research note on Wednesday, April 5th. Piper Jaffray Companies began coverage on CoBiz Financial in a research note on Thursday, April 13th. They issued a “neutral” rating and a $18.50 price objective on the stock. Finally, ValuEngine raised CoBiz Financial from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $19.13.

Shares of CoBiz Financial (NASDAQ COBZ) traded down 1.29% on Tuesday, hitting $16.87. The company’s stock had a trading volume of 73,809 shares. CoBiz Financial has a 52 week low of $11.80 and a 52 week high of $18.85. The firm has a market cap of $697.76 million, a price-to-earnings ratio of 18.96 and a beta of 1.20. The stock’s 50-day moving average price is $17.32 and its 200-day moving average price is $16.89.

CoBiz Financial (NASDAQ:COBZ) last released its earnings results on Thursday, July 20th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. The company had revenue of $40.32 million for the quarter, compared to analyst estimates of $39.88 million. CoBiz Financial had a return on equity of 12.09% and a net margin of 21.97%. Equities analysts expect that CoBiz Financial will post $0.92 earnings per share for the current fiscal year.

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In related news, CEO Scott Page sold 8,057 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $17.68, for a total transaction of $142,447.76. Following the completion of the sale, the chief executive officer now owns 65,774 shares of the company’s stock, valued at $1,162,884.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven Bangert sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $16.41, for a total value of $164,100.00. Following the sale, the chief executive officer now directly owns 1,024,242 shares of the company’s stock, valued at approximately $16,807,811.22. The disclosure for this sale can be found here. Insiders have sold 43,571 shares of company stock valued at $755,057 over the last 90 days. 9.90% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its stake in CoBiz Financial by 6.6% in the first quarter. Stifel Financial Corp now owns 240,550 shares of the bank’s stock valued at $4,039,000 after buying an additional 14,942 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in CoBiz Financial by 4.1% in the first quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock valued at $217,000 after buying an additional 504 shares in the last quarter. Gabelli Funds LLC acquired a new stake in CoBiz Financial during the first quarter valued at approximately $504,000. Swiss National Bank boosted its stake in CoBiz Financial by 4.8% in the first quarter. Swiss National Bank now owns 61,500 shares of the bank’s stock valued at $1,033,000 after buying an additional 2,800 shares in the last quarter. Finally, Sit Investment Associates Inc. acquired a new stake in CoBiz Financial during the first quarter valued at approximately $298,000. 81.62% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for CoBiz Financial (NASDAQ:COBZ)

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