Bank of New York Mellon Corp Buys Shares of 188,621 CBIZ, Inc. $CBZ

Key Points

• Bank of New York Mellon initiated a CBIZ stake, purchasing 188,621 shares worth approximately $6.05 million and representing 0.35% of the company. Institutional investors collectively own 87.44% of CBIZ.
• Analyst sentiment remains cautious: CBIZ has a consensus “Hold” rating from seven analysts, with an average price target of $44.50, below its reported share price of $54.86.
• CBIZ exceeded quarterly earnings expectations, reporting $0.91 earnings per share versus the $0.72 consensus estimate, although revenue of $682.21 million declined slightly year over year and fell short of estimates.

Bank of New York Mellon Corp bought a new stake in CBIZ, Inc. (NYSE:CBZ - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 188,621 shares of the business services provider's stock, valued at approximately $6,051,000. Bank of New York Mellon Corp owned 0.35% of CBIZ as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CBZ. Caitong International Asset Management Co. Ltd boosted its stake in CBIZ by 377.8% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the business services provider's stock valued at $30,000 after purchasing an additional 442 shares in the last quarter. Strategic Wealth Investment Group LLC acquired a new position in shares of CBIZ in the second quarter worth about $37,000. EverSource Wealth Advisors LLC grew its position in CBIZ by 667.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,512 shares of the business services provider's stock worth $41,000 after purchasing an additional 1,315 shares in the last quarter. Danske Bank A S purchased a new stake in CBIZ in the 3rd quarter worth about $42,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of CBIZ during the third quarter worth approximately $53,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CBZ shares. Weiss Ratings raised CBIZ from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. US Capital Advisors set a $55.00 target price on shares of CBIZ in a research report on Thursday, July 30th. Barrington Research initiated coverage on shares of CBIZ in a research note on Wednesday, June 24th. They issued an "outperform" rating and a $45.00 price objective on the stock. Finally, CJS Securities cut CBIZ from a "market outperform" rating to a "market perform" rating and set a $55.00 price target for the company. in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $44.50.

CBIZ Price Performance

Shares of CBZ opened at $54.86 on Friday. The stock has a 50 day simple moving average of $47.78 and a 200 day simple moving average of $36.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.47 and a current ratio of 1.47. CBIZ, Inc. has a 52-week low of $24.29 and a 52-week high of $60.19. The firm has a market capitalization of $2.98 billion, a PE ratio of 25.64, a P/E/G ratio of 1.15 and a beta of 0.92.

CBIZ (NYSE:CBZ - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The business services provider reported $0.91 EPS 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 analyst estimates of $697.96 million. During the same period last year, the business posted $0.95 earnings per share. The firm's quarterly revenue was down .2% on a year-over-year basis. Sell-side analysts predict that CBIZ, Inc. will post 4.1 EPS for the current fiscal year.

About CBIZ

CBIZ, Inc NYSE: CBZ, founded in 1996 and headquartered in Cleveland, Ohio, is a leading provider of professional business services in the United States. Since its inception, the company has grown through both organic expansion and strategic acquisitions to deliver a broad spectrum of financial, tax and advisory solutions tailored to the needs of small to mid-market organizations.

Through its Financial & Advisory Services segment, CBIZ offers accounting, tax preparation and compliance, audit support, and wealth management services.

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