CBIZ, Inc. $CBZ Shares Sold by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB cut its CBIZ stake by 95% in the second quarter, selling 262,100 shares and retaining 13,900 shares valued at approximately $446,000. Institutional investors collectively own 87.44% of CBIZ.
• Analyst sentiment is mixed, with three Buy ratings and five Hold ratings. MarketBeat reports a consensus rating of Hold and an average price target of $44.50.
• CBIZ reported quarterly EPS of $0.91, beating estimates of $0.72, while revenue of $682.21 million fell short of forecasts and declined 0.2% year over year. Shares opened at $55.05, near the upper end of their 52-week range.

Handelsbanken Fonder AB lessened its holdings in CBIZ, Inc. (NYSE:CBZ - Free Report) by 95.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,900 shares of the business services provider's stock after selling 262,100 shares during the quarter. Handelsbanken Fonder AB's holdings in CBIZ were worth $446,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CBZ. Caitong International Asset Management Co. Ltd lifted its holdings in CBIZ by 377.8% during the third 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 purchased a new stake in shares of CBIZ in the second quarter valued at about $37,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 buying an additional 1,315 shares during the last quarter. Danske Bank A S purchased a new stake in CBIZ in the third quarter valued at $42,000. Finally, Torren Management LLC acquired a new position in CBIZ in the fourth quarter valued at about $48,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. CJS Securities cut CBIZ from a "market outperform" rating to a "market perform" rating and set a $55.00 target price for the company. in a report on Thursday, July 30th. Barrington Research started coverage on CBIZ in a report on Wednesday, June 24th. They set an "outperform" rating and a $45.00 price target on the stock. US Capital Advisors set a $55.00 price target on CBIZ in a research report on Thursday, July 30th. Stephens set a $37.00 price objective on CBIZ in a research note on Friday, May 1st. Finally, Weiss Ratings raised CBIZ from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $44.50.

CBIZ Stock Up 0.3%

Shares of NYSE:CBZ opened at $55.05 on Friday. The stock has a market cap of $2.99 billion, a P/E ratio of 25.72, a P/E/G ratio of 1.15 and a beta of 0.93. The firm has a fifty day moving average price of $42.77 and a 200 day moving average price of $34.55. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.47 and a quick ratio of 1.47. CBIZ, Inc. has a 1-year low of $24.29 and a 1-year high of $67.24.

CBIZ (NYSE:CBZ - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The business services provider reported $0.91 EPS for the quarter, beating 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 company had revenue of $682.21 million for the quarter, compared to analyst estimates of $697.96 million. During the same period in the previous year, the business posted $0.95 earnings per share. CBIZ'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 year.

CBIZ Company Profile

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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