Bank of America Corp DE Acquires 224,255 Shares of CBIZ, Inc. $CBZ

Key Points

• Bank of America initiated a position in CBIZ, purchasing 224,255 shares worth approximately $7.2 million, or about 0.41% of the company. Institutional investors and hedge funds collectively own 87.44% of CBIZ.
• CBIZ exceeded quarterly earnings expectations, reporting $0.91 EPS versus the $0.72 consensus, though revenue declined 0.2% year over year to $682.21 million.
• Analyst sentiment is cautious: CBIZ has an average rating of “Hold” from eight analysts, with an average price target of $44.50, below its reported share price of $54.70.

Bank of America Corp DE bought a new position in CBIZ, Inc. (NYSE:CBZ - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 224,255 shares of the business services provider's stock, valued at approximately $7,194,000. Bank of America Corp DE owned about 0.41% of CBIZ as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quantinno Capital Management LP boosted its holdings in shares of CBIZ by 543.8% in the first quarter. Quantinno Capital Management LP now owns 175,005 shares of the business services provider's stock worth $4,699,000 after buying an additional 147,820 shares during the period. Bank of New York Mellon Corp increased its position in shares of CBIZ by 17.8% in the first quarter. Bank of New York Mellon Corp now owns 166,787 shares of the business services provider's stock worth $4,478,000 after acquiring an additional 25,214 shares in the last quarter. Great Lakes Advisors LLC acquired a new stake in shares of CBIZ during the second quarter valued at approximately $1,142,000. Edgestream Partners L.P. acquired a new stake in shares of CBIZ during the first quarter valued at approximately $3,611,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of CBIZ in the 2nd quarter valued at approximately $740,000. 87.44% of the stock is owned by institutional investors and hedge funds.

CBIZ Trading Up 0.0%

Shares of NYSE:CBZ opened at $54.70 on Monday. The firm has a fifty day moving average of $52.98 and a two-hundred day moving average of $38.87. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.74. CBIZ, Inc. has a 12-month low of $24.29 and a 12-month high of $56.93. The firm has a market capitalization of $2.97 billion, a P/E ratio of 25.56, a price-to-earnings-growth ratio of 1.31 and a beta of 0.92.

CBIZ (NYSE:CBZ - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.19. CBIZ had a net margin of 4.73% and a return on equity of 12.33%. The business had revenue of $682.21 million for the quarter, compared to the consensus estimate of $697.96 million. During the same period in the prior year, the business posted $0.95 earnings per share. CBIZ's revenue for the quarter was down .2% compared to the same quarter last year. On average, equities analysts expect that CBIZ, Inc. will post 4.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CBZ. US Capital Advisors set a $55.00 price objective on shares of CBIZ in a research note on Thursday, July 30th. Weiss Ratings upgraded CBIZ from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. William Blair cut CBIZ from an "outperform" rating to a "market perform" rating in a research report on Wednesday. Barrington Research downgraded CBIZ from an "outperform" rating to a "hold" rating in a report on Wednesday, September 16th. Finally, CJS Securities lowered CBIZ from a "market outperform" rating to a "market perform" rating and set a $55.00 price target on the stock. in a research report on Thursday, July 30th. One research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $44.50.

CBIZ Profile

CBIZ, Inc NYSE: CBZ is a diversified professional services company that provides accounting, tax, advisory, insurance brokerage, and employee benefits services to businesses, nonprofit organizations, government entities, and individuals. The company serves clients across a range of industries, including healthcare, construction, manufacturing, real estate, financial services, and professional services.

Its accounting and advisory offerings include audit and attest services, tax planning and compliance, financial reporting, valuation, transaction advisory, forensic accounting, and business consulting.

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