Citizens Financial Group Inc. RI Acquires New Position in CBIZ, Inc. $CBZ

Key Points

• Citizens Financial Group acquired 19,926 CBIZ shares during the second quarter, valued at approximately $639,000. Institutional investors collectively own 87.44% of CBIZ, with several major funds establishing significant new positions.
• Analyst sentiment remains mixed: CBIZ has an average rating of “Hold” and an average price target of $44.50, despite some analysts assigning targets as high as $55.
• CBIZ shares opened at $54.80, near the upper end of their yearly range. The company reported quarterly EPS of $0.91, beating estimates of $0.72, while revenue of $682.21 million slightly missed expectations and declined 0.2% year over year.

Citizens Financial Group Inc. RI acquired a new stake in CBIZ, Inc. (NYSE:CBZ - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 19,926 shares of the business services provider's stock, valued at approximately $639,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of CBIZ during the 2nd quarter valued at $159,495,000. Durable Capital Partners LP purchased a new stake in shares of CBIZ during the third quarter worth $207,872,000. 22C Capital LLC purchased a new stake in shares of CBIZ during the fourth quarter worth $161,554,000. Bank of Montreal Can acquired a new stake in CBIZ during the fourth quarter valued at $113,596,000. Finally, Royce & Associates LP boosted its position in CBIZ by 389.3% during the fourth quarter. Royce & Associates LP now owns 659,140 shares of the business services provider's stock valued at $33,254,000 after purchasing an additional 524,438 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barrington Research assumed coverage on CBIZ in a research report on Wednesday, June 24th. They issued an "outperform" rating and a $45.00 target price on the stock. US Capital Advisors set a $55.00 price target on CBIZ in a report on Thursday, July 30th. 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 research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $42.00 price objective on shares of CBIZ in a report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of CBIZ from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, CBIZ currently has an average rating of "Hold" and an average price target of $44.50.

CBIZ Trading Up 0.1%

CBIZ stock opened at $54.80 on Thursday. CBIZ, Inc. has a one year low of $24.29 and a one year high of $67.24. The company's fifty day moving average price is $42.35 and its two-hundred day moving average price is $34.44. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.47 and a quick ratio of 1.47. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 1.15 and a beta of 0.93.

CBIZ (NYSE:CBZ - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.19. The company had revenue of $682.21 million during the quarter, compared to the consensus estimate of $697.96 million. CBIZ had a return on equity of 12.33% and a net margin of 4.73%.The firm's revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. On average, analysts forecast that CBIZ, Inc. will post 4.1 earnings per share 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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