Bridge City Capital LLC lifted its holdings in CoBiz Financial Inc. (NASDAQ:COBZ) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,293 shares of the bank’s stock after purchasing an additional 7,092 shares during the period. CoBiz Financial accounts for about 1.3% of Bridge City Capital LLC’s investment portfolio, making the stock its 23rd biggest holding. Bridge City Capital LLC owned approximately 0.21% of CoBiz Financial worth $1,734,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in shares of CoBiz Financial by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 9,265 shares of the bank’s stock valued at $160,000 after purchasing an additional 371 shares during the last quarter. Aperio Group LLC acquired a new position in CoBiz Financial during the 2nd quarter worth $180,000. Parametric Portfolio Associates LLC lifted its position in CoBiz Financial by 4.1% during the 1st quarter. Parametric Portfolio Associates LLC now owns 12,887 shares of the bank’s stock worth $217,000 after acquiring an additional 504 shares during the last quarter. BSW Wealth Partners lifted its position in CoBiz Financial by 0.3% during the 2nd quarter. BSW Wealth Partners now owns 14,399 shares of the bank’s stock worth $251,000 after acquiring an additional 43 shares during the last quarter. Finally, Sit Investment Associates Inc. lifted its position in CoBiz Financial by 14.8% during the 2nd quarter. Sit Investment Associates Inc. now owns 20,375 shares of the bank’s stock worth $355,000 after acquiring an additional 2,625 shares during the last quarter. 82.88% of the stock is owned by institutional investors and hedge funds.
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In other CoBiz Financial news, CFO Lyne B. Andrich sold 2,335 shares of the firm’s 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 transaction, the chief financial officer now directly owns 101,122 shares of the company’s stock, valued at approximately $2,122,550.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steven Bangert sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $17.62, for a total transaction of $140,960.00. Following the completion of the transaction, the chief executive officer now directly owns 1,016,242 shares in the company, valued at $17,906,184.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 53,322 shares of company stock worth $1,085,886. Insiders own 9.90% of the company’s stock.
CoBiz Financial (NASDAQ:COBZ) last issued 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 net margin of 21.95% and a return on equity of 12.06%. The business had revenue of $42.76 million during the quarter, compared to analysts’ expectations of $41.13 million.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Monday, October 30th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 1.08%. The ex-dividend date is Friday, October 27th. CoBiz Financial’s dividend payout ratio is currently 24.18%.
A number of research firms have weighed in on COBZ. Zacks Investment Research raised shares of CoBiz Financial from a “hold” rating to a “strong-buy” rating and set a $24.00 target price for the company in a research report on Tuesday, October 24th. ValuEngine lowered shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and set a $19.50 price objective on shares of CoBiz Financial in a research report on Wednesday, July 26th. BidaskClub raised shares of CoBiz Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, DA Davidson reaffirmed a “neutral” rating on shares of CoBiz Financial in a research report on Friday, July 21st. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $20.13.
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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