CBIZ (NYSE:CBZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $38.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.92% from the company’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. “
CBZ stock traded up $0.21 during mid-day trading on Tuesday, reaching $34.26. 201,492 shares of the stock traded hands, compared to its average volume of 220,350. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.15. CBIZ has a 52-week low of $20.24 and a 52-week high of $34.45. The company has a market cap of $1.84 billion, a P/E ratio of 24.65 and a beta of 0.58. The stock’s fifty day moving average is $33.13 and its 200-day moving average is $28.20.
In other news, Director Steven L. Gerard sold 22,493 shares of the stock in a transaction that occurred on Wednesday, February 24th. The shares were sold at an average price of $30.74, for a total value of $691,434.82. Following the completion of the sale, the director now directly owns 346,638 shares of the company’s stock, valued at $10,655,652.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven L. Gerard sold 68,005 shares of the stock in a transaction that occurred on Tuesday, March 2nd. The stock was sold at an average price of $30.92, for a total transaction of $2,102,714.60. Insiders sold 205,991 shares of company stock valued at $6,444,955 over the last three months. 7.40% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Compton Wealth Advisory Group LLC bought a new position in CBIZ during the fourth quarter valued at approximately $953,000. Assenagon Asset Management S.A. raised its position in CBIZ by 70.3% during the first quarter. Assenagon Asset Management S.A. now owns 138,722 shares of the business services provider’s stock valued at $4,531,000 after acquiring an additional 57,272 shares in the last quarter. ProShare Advisors LLC bought a new position in CBIZ during the fourth quarter valued at approximately $300,000. Skandinaviska Enskilda Banken AB publ raised its position in CBIZ by 234.1% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 95,900 shares of the business services provider’s stock valued at $2,552,000 after acquiring an additional 67,200 shares in the last quarter. Finally, Eaton Vance Management raised its position in CBIZ by 1.9% during the fourth quarter. Eaton Vance Management now owns 1,691,747 shares of the business services provider’s stock valued at $45,018,000 after acquiring an additional 31,368 shares in the last quarter. 86.39% of the stock is currently owned by hedge funds and other institutional investors.
CBIZ, Inc provides financial, insurance, and advisory services in the United States and Canada. The company operates through three segments: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services segment offers accounting and tax, government healthcare consulting, financial advisory, valuation, and risk and advisory services.
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