CBIZ (CBZ) Upgraded to “Buy” by Zacks Investment Research

CBIZ (NYSE:CBZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $23.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 9.58% from the stock’s previous close.

According to Zacks, “CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, merger and acquisition advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states. “

Shares of NYSE CBZ traded up $0.56 during midday trading on Friday, reaching $20.99. 667,700 shares of the stock were exchanged, compared to its average volume of 210,597. The company has a market cap of $1.11 billion, a PE ratio of 19.26 and a beta of 0.52. CBIZ has a 52-week low of $17.50 and a 52-week high of $24.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.50 and a quick ratio of 1.50.

CBIZ (NYSE:CBZ) last released its earnings results on Wednesday, February 13th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. CBIZ had a net margin of 6.68% and a return on equity of 10.48%. The firm had revenue of $199.00 million during the quarter, compared to the consensus estimate of $202.33 million. During the same period in the previous year, the firm earned $0.04 earnings per share. CBIZ’s revenue was up 2.1% compared to the same quarter last year. On average, analysts anticipate that CBIZ will post 1.21 EPS for the current year.

In related news, insider Michael W. Gleespen sold 54,682 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The shares were sold at an average price of $20.01, for a total value of $1,094,186.82. Following the completion of the sale, the insider now directly owns 65,870 shares in the company, valued at $1,318,058.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael W. Gleespen sold 44,010 shares of the business’s stock in a transaction that occurred on Friday, January 4th. The shares were sold at an average price of $20.01, for a total transaction of $880,640.10. Following the completion of the sale, the insider now owns 65,870 shares of the company’s stock, valued at $1,318,058.70. The disclosure for this sale can be found here. 7.20% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in CBZ. FMR LLC grew its holdings in CBIZ by 49.4% in the second quarter. FMR LLC now owns 6,756,052 shares of the business services provider’s stock valued at $155,389,000 after purchasing an additional 2,234,269 shares during the period. BlackRock Inc. lifted its position in CBIZ by 6.4% during the fourth quarter. BlackRock Inc. now owns 3,988,818 shares of the business services provider’s stock valued at $78,579,000 after buying an additional 239,889 shares in the last quarter. Hsbc Holdings PLC lifted its position in CBIZ by 983.3% during the fourth quarter. Hsbc Holdings PLC now owns 194,227 shares of the business services provider’s stock valued at $3,826,000 after buying an additional 176,297 shares in the last quarter. First Trust Advisors LP acquired a new position in CBIZ during the fourth quarter valued at approximately $3,207,000. Finally, Bank of Montreal Can lifted its position in CBIZ by 15,616.5% during the fourth quarter. Bank of Montreal Can now owns 137,362 shares of the business services provider’s stock valued at $2,705,000 after buying an additional 136,488 shares in the last quarter. Hedge funds and other institutional investors own 86.82% of the company’s stock.

About CBIZ

CBIZ, Inc provides professional business services that help its clients manage their finances, employees, and insurance needs. It offers its services through three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services practice group provides accounting, tax, financial advisory, government healthcare consulting, and risk advisory and valuation services.

Recommended Story: Rule of 72

Get a free copy of the Zacks research report on CBIZ (CBZ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CBIZ Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBIZ and related companies with MarketBeat.com's FREE daily email newsletter.