CoBiz Financial (COBZ) Rating Increased to Hold at BidaskClub

CoBiz Financial (NASDAQ:COBZ) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Thursday.

Several other equities analysts also recently commented on the company. Zacks Investment Research downgraded CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $23.00 target price on shares of CoBiz Financial in a research report on Friday, December 22nd. Finally, ValuEngine downgraded CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $21.13.

Shares of CoBiz Financial (COBZ) traded up $0.11 during mid-day trading on Thursday, hitting $21.41. The company had a trading volume of 90,600 shares, compared to its average volume of 111,822. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. CoBiz Financial has a twelve month low of $15.39 and a twelve month high of $22.01. The company has a market cap of $904.22, a P/E ratio of 23.53, a P/E/G ratio of 1.80 and a beta of 1.26.

CoBiz Financial (NASDAQ:COBZ) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. CoBiz Financial had a return on equity of 12.06% and a net margin of 21.95%. The business had revenue of $42.76 million during the quarter, compared to the consensus estimate of $41.13 million. analysts anticipate that CoBiz Financial will post 0.97 EPS for the current year.

In other news, CEO Steven Bangert sold 2,883 shares of the stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $20.45, for a total value of $58,957.35. Following the completion of the sale, the chief executive officer now owns 1,008,359 shares of the company’s stock, valued at $20,620,941.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Lyne B. Andrich sold 2,335 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $20.99, for a total value of $49,011.65. Following the completion of the sale, the chief financial officer now directly owns 101,122 shares of the company’s stock, valued at approximately $2,122,550.78. The disclosure for this sale can be found here. Insiders sold 52,205 shares of company stock valued at $1,086,023 over the last quarter. Corporate insiders own 9.90% of the company’s stock.

Several hedge funds have recently modified their holdings of COBZ. Simplex Trading LLC acquired a new stake in shares of CoBiz Financial in the fourth quarter valued at about $116,000. Legal & General Group Plc increased its stake in shares of CoBiz Financial by 4.2% in the second quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after buying an additional 371 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of CoBiz Financial in the third quarter valued at about $206,000. Keybank National Association OH acquired a new stake in shares of CoBiz Financial in the third quarter valued at about $224,000. Finally, Parametric Portfolio Associates LLC increased its stake in shares of CoBiz Financial by 16.3% in the second quarter. Parametric Portfolio Associates LLC now owns 14,992 shares of the bank’s stock valued at $261,000 after buying an additional 2,105 shares during the period. 82.89% of the stock is owned by institutional investors.

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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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