Zacks: Brokerages Anticipate CoBiz Financial Inc (COBZ) Will Post Quarterly Sales of $43.10 Million

Brokerages expect CoBiz Financial Inc (NASDAQ:COBZ) to report $43.10 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for CoBiz Financial’s earnings, with estimates ranging from $43.09 million to $43.10 million. CoBiz Financial posted sales of $39.26 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.8%. The company is scheduled to issue its next quarterly earnings report on Thursday, January 25th.

On average, analysts expect that CoBiz Financial will report full-year sales of $43.10 million for the current fiscal year, with estimates ranging from $164.58 million to $164.60 million. For the next year, analysts expect that the firm will post sales of $180.63 million per share, with estimates ranging from $179.60 million to $181.65 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for CoBiz Financial.

CoBiz Financial (NASDAQ:COBZ) last released its earnings results on Thursday, October 19th. The bank reported $0.27 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $42.76 million during the quarter, compared to the consensus estimate of $41.13 million.

COBZ has been the subject of a number of research reports. 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. BidaskClub downgraded shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, ValuEngine downgraded shares of CoBiz Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. CoBiz Financial has an average rating of “Buy” and a consensus price target of $20.13.

CoBiz Financial (COBZ) opened at $20.46 on Friday. CoBiz Financial has a 52-week low of $15.39 and a 52-week high of $22.01. The firm has a market cap of $864.09, a P/E ratio of 22.77, a PEG ratio of 2.14 and a beta of 1.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94.

In related news, CFO Lyne B. Andrich sold 2,335 shares of the firm’s stock in a transaction that occurred on 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 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 can be accessed through this link. Also, insider Robert Ostertag sold 17,176 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $20.90, for a total transaction of $358,978.40. Following the completion of the transaction, the insider now directly owns 53,445 shares of the company’s stock, valued at $1,117,000.50. The disclosure for this sale can be found here. Insiders have sold a total of 52,205 shares of company stock valued at $1,086,023 over the last three months. Insiders own 9.90% of the company’s stock.

A number of large investors have recently made changes to their positions in COBZ. Dimensional Fund Advisors LP raised its position in shares of CoBiz Financial by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,908,216 shares of the bank’s stock valued at $33,203,000 after buying an additional 57,691 shares in the last quarter. Bridge City Capital LLC increased its position in shares of CoBiz Financial by 8.7% in the third quarter. Bridge City Capital LLC now owns 88,293 shares of the bank’s stock valued at $1,734,000 after acquiring an additional 7,092 shares during the period. Citadel Advisors LLC increased its position in shares of CoBiz Financial by 137.6% in the second quarter. Citadel Advisors LLC now owns 61,764 shares of the bank’s stock valued at $1,075,000 after acquiring an additional 35,764 shares during the period. Northern Trust Corp boosted its stake in shares of CoBiz Financial by 6.2% during the 2nd quarter. Northern Trust Corp now owns 494,966 shares of the bank’s stock valued at $8,612,000 after purchasing an additional 29,067 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of CoBiz Financial by 14.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 180,101 shares of the bank’s stock valued at $3,134,000 after purchasing an additional 22,121 shares in the last quarter. 82.89% of the stock is owned by hedge funds and other institutional investors.

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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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