CBIZ (CBZ) Sets New 52-Week High and Low at $21.68

CBIZ, Inc. (NYSE:CBZ) shares reached a new 52-week high and low during trading on Tuesday . The company traded as low as $21.68 and last traded at $21.70, with a volume of 11137 shares trading hands. The stock had previously closed at $21.55.

A number of analysts have weighed in on the stock. Sidoti assumed coverage on shares of CBIZ in a report on Tuesday. They set a “buy” rating on the stock. Zacks Investment Research cut shares of CBIZ from a “buy” rating to a “hold” rating in a report on Tuesday, April 17th. Finally, ValuEngine cut shares of CBIZ from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd.

The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 25.52 and a beta of 0.73. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.38.

CBIZ (NYSE:CBZ) last issued its earnings results on Thursday, April 26th. The business services provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.06. The company had revenue of $266.10 million for the quarter, compared to analysts’ expectations of $254.43 million. CBIZ had a net margin of 6.97% and a return on equity of 11.01%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 earnings per share. research analysts anticipate that CBIZ, Inc. will post 1.1 EPS for the current fiscal year.

CBIZ announced that its Board of Directors has authorized a share buyback program on Wednesday, February 14th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In related news, insider Ware H. Grove sold 14,963 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $21.50, for a total value of $321,704.50. Following the sale, the insider now owns 288,059 shares of the company’s stock, valued at approximately $6,193,268.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Donald V. Weir sold 10,000 shares of the stock in a transaction dated Thursday, May 24th. The stock was sold at an average price of $20.31, for a total transaction of $203,100.00. Following the completion of the sale, the director now directly owns 21,955 shares in the company, valued at approximately $445,906.05. The disclosure for this sale can be found here. Insiders have sold 25,963 shares of company stock worth $543,765 over the last three months. 7.20% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH increased its holdings in shares of CBIZ by 11.8% in the 1st quarter. Allianz Asset Management GmbH now owns 203,259 shares of the business services provider’s stock worth $3,709,000 after acquiring an additional 21,442 shares during the period. Royal Bank of Canada increased its stake in CBIZ by 122.0% during the 1st quarter. Royal Bank of Canada now owns 103,100 shares of the business services provider’s stock valued at $1,882,000 after buying an additional 56,664 shares during the period. Millennium Management LLC increased its stake in CBIZ by 91.4% during the 1st quarter. Millennium Management LLC now owns 232,884 shares of the business services provider’s stock valued at $4,250,000 after buying an additional 111,215 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in CBIZ by 102.0% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,264 shares of the business services provider’s stock valued at $388,000 after buying an additional 10,735 shares during the period. Finally, Barclays PLC increased its stake in CBIZ by 314.8% during the 1st quarter. Barclays PLC now owns 58,939 shares of the business services provider’s stock valued at $1,076,000 after buying an additional 44,729 shares during the period. 85.13% of the stock is currently owned by institutional investors and hedge funds.

CBIZ Company Profile

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, government health care consulting, financial advisory, valuation, litigation support, risk and advisory, real estate consulting, and internal audit outsourcing services.

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