UBS Asset Management Americas Inc. lowered its position in CoBiz Financial Inc (NASDAQ:COBZ) by 18.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,397 shares of the bank’s stock after selling 2,400 shares during the period. UBS Asset Management Americas Inc.’s holdings in CoBiz Financial were worth $176,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in CoBiz Financial during the fourth quarter valued at approximately $5,780,000. John W. Rosenthal Capital Management Inc. acquired a new stake in shares of CoBiz Financial during the fourth quarter valued at approximately $2,111,000. Citadel Advisors LLC acquired a new stake in shares of CoBiz Financial during the third quarter valued at approximately $698,000. Renaissance Technologies LLC boosted its stake in shares of CoBiz Financial by 8.3% in the fourth quarter. Renaissance Technologies LLC now owns 516,200 shares of the bank’s stock valued at $8,719,000 after buying an additional 39,600 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of CoBiz Financial by 109.1% in the fourth quarter. Two Sigma Investments LP now owns 51,576 shares of the bank’s stock valued at $871,000 after buying an additional 26,908 shares during the period. 81.11% of the stock is owned by hedge funds and other institutional investors.
CoBiz Financial Inc (COBZ) opened at 16.61 on Friday. The firm has a market capitalization of $686.29 million, a PE ratio of 19.31 and a beta of 1.24. The stock’s 50 day moving average is $16.38 and its 200-day moving average is $16.66. CoBiz Financial Inc has a one year low of $10.86 and a one year high of $17.99.
CoBiz Financial (NASDAQ:COBZ) last issued its quarterly earnings data on Thursday, April 27th. The bank reported $0.20 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.20. CoBiz Financial had a net margin of 21.55% and a return on equity of 12.18%. The firm had revenue of $38.41 million for the quarter, compared to analysts’ expectations of $40 million. On average, analysts anticipate that CoBiz Financial Inc will post $0.87 EPS for the current fiscal year.
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Several brokerages have commented on COBZ. Zacks Investment Research cut shares of CoBiz Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, March 29th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $19.00 price target on shares of CoBiz Financial in a research note on Wednesday, April 5th. Piper Jaffray Companies started coverage on shares of CoBiz Financial in a report on Thursday, April 13th. They set a “neutral” rating and a $18.50 price target for the company. Finally, Hovde Group raised shares of CoBiz Financial from a “market perform” rating to an “outperform” rating and set a $19.00 price target for the company in a report on Friday, March 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $17.63.
In other CoBiz Financial news, CEO Steven Bangert sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $17.00, for a total transaction of $127,500.00. Following the sale, the chief executive officer now owns 1,146,928 shares in the company, valued at approximately $19,497,776. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David Pass sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $16.96, for a total transaction of $25,440.00. Following the sale, the executive vice president now owns 13,859 shares in the company, valued at approximately $235,048.64. The disclosure for this sale can be found here. Insiders sold a total of 39,744 shares of company stock worth $662,610 in the last quarter. Company insiders own 11.38% of the company’s stock.
About CoBiz Financial
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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