CBIZ (CBZ) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of CBIZ (NYSE:CBZ) from a sell rating to a hold rating in a research report sent to investors on Monday morning.
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. “
Separately, Sidoti assumed coverage on CBIZ in a research report on Tuesday, June 12th. They set a buy rating for the company.
CBIZ (NYSE:CBZ) last announced its earnings results on Thursday, August 2nd. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. CBIZ had a return on equity of 10.99% and a net margin of 7.04%. The firm had revenue of $232.60 million during the quarter, compared to analyst estimates of $223.86 million. During the same period last year, the firm posted $0.20 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. equities analysts expect that CBIZ will post 1.07 earnings per share for the current fiscal year.
In related news, insider Michael W. Gleespen sold 27,000 shares of CBIZ stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $23.42, for a total value of $632,340.00. Following the completion of the sale, the insider now owns 118,880 shares of the company’s stock, valued at approximately $2,784,169.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ware H. Grove sold 10,000 shares of CBIZ stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the sale, the insider now directly owns 263,096 shares of the company’s stock, valued at approximately $6,248,530. The disclosure for this sale can be found here. In the last three months, insiders sold 102,841 shares of company stock valued at $2,414,914. 7.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its holdings in CBIZ by 49.4% in the 2nd quarter. FMR LLC now owns 6,756,052 shares of the business services provider’s stock worth $155,389,000 after acquiring an additional 2,234,269 shares during the last quarter. Burgundy Asset Management Ltd. increased its holdings in CBIZ by 0.9% in the 1st quarter. Burgundy Asset Management Ltd. now owns 4,942,384 shares of the business services provider’s stock worth $90,199,000 after acquiring an additional 45,364 shares during the last quarter. BlackRock Inc. increased its holdings in CBIZ by 11.0% in the 2nd quarter. BlackRock Inc. now owns 3,701,179 shares of the business services provider’s stock worth $85,129,000 after acquiring an additional 366,511 shares during the last quarter. P2 Capital Partners LLC grew its holdings in CBIZ by 5.1% during the 1st quarter. P2 Capital Partners LLC now owns 2,694,902 shares of the business services provider’s stock valued at $49,182,000 after buying an additional 129,902 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in CBIZ by 3.9% during the 1st quarter. Northern Trust Corp now owns 1,026,517 shares of the business services provider’s stock valued at $18,733,000 after buying an additional 38,108 shares in the last quarter. 86.92% of the stock is owned by institutional investors.
CBIZ, Inc, through its subsidiaries, provides professional business services, products, and solutions in the United States and Canada. It offers its services through three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services practice group provides accounting and tax compliance and consulting, litigation support, federal and state governmental healthcare compliance, valuation services, real estate consulting, and internal audit outsourcing services.
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