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

Zacks Investment Research upgraded shares of CBIZ (NYSE:CBZ) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. The brokerage currently has $26.00 price target on the business services provider’s stock.

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 $0.16 on Friday, hitting $23.28. The company’s stock had a trading volume of 224,892 shares, compared to its average volume of 215,665. The company’s 50-day moving average price is $20.76. CBIZ has a 12 month low of $18.64 and a 12 month high of $24.38. The firm has a market capitalization of $1.28 billion, a P/E ratio of 21.36 and a beta of 0.34. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.51.

CBIZ (NYSE:CBZ) last announced its earnings results on Wednesday, July 31st. The business services provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. CBIZ had a return on equity of 11.02% and a net margin of 7.18%. The business had revenue of $235.50 million during the quarter, compared to analysts’ expectations of $243.01 million. During the same quarter last year, the business posted $0.23 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities research analysts expect that CBIZ will post 1.22 earnings per share for the current year.

In other news, insider Ware H. Grove sold 10,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $20.52, for a total transaction of $205,200.00. Following the transaction, the insider now owns 273,096 shares of the company’s stock, valued at approximately $5,603,929.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd J. Slotkin sold 2,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $20.41, for a total value of $40,820.00. Following the transaction, the director now directly owns 44,482 shares in the company, valued at approximately $907,877.62. The disclosure for this sale can be found here. Insiders have sold 32,000 shares of company stock valued at $656,420 in the last ninety days. Company insiders own 7.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its holdings in shares of CBIZ by 4.2% during the 4th quarter. FMR LLC now owns 8,259,033 shares of the business services provider’s stock valued at $162,703,000 after acquiring an additional 330,353 shares during the last quarter. Norges Bank acquired a new position in shares of CBIZ during the 4th quarter valued at about $21,969,000. Granite Investment Partners LLC increased its holdings in shares of CBIZ by 18.5% during the 1st quarter. Granite Investment Partners LLC now owns 913,732 shares of the business services provider’s stock valued at $18,494,000 after acquiring an additional 142,415 shares during the last quarter. Fenimore Asset Management Inc. increased its holdings in shares of CBIZ by 8.3% during the 2nd quarter. Fenimore Asset Management Inc. now owns 590,085 shares of the business services provider’s stock valued at $11,560,000 after acquiring an additional 45,430 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of CBIZ by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 565,441 shares of the business services provider’s stock valued at $11,138,000 after acquiring an additional 30,488 shares during the last quarter. 86.96% of the stock is currently owned by institutional investors and hedge funds.

CBIZ Company Profile

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

Featured Article: What is Compound Interest?

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.