Victory Capital Management Inc. Sells 6,783 Shares of CBIZ, Inc. (NYSE:CBZ)

Key Points

• Victory Capital Management Inc. reduced its position in CBIZ, Inc. by 11.5%, selling 6,783 shares to hold 52,115 shares, valued at approximately $3.95 million as of their latest SEC filing.
• CBIZ reported a quarterly earnings per share of $2.29, outperforming estimates by $0.18, and had a revenue of $838.01 million, below the expected $860.25 million.
• Analyst firm William Blair reissued an "outperform" rating for CBIZ, indicating positive expectations for the stock's performance.

Victory Capital Management Inc. lessened its holdings in CBIZ, Inc. (NYSE:CBZ - Free Report) by 11.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,115 shares of the business services provider's stock after selling 6,783 shares during the quarter. Victory Capital Management Inc. owned about 0.10% of CBIZ worth $3,953,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in CBIZ by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 4,716,456 shares of the business services provider's stock worth $385,948,000 after purchasing an additional 43,784 shares during the period. Burgundy Asset Management Ltd. grew its holdings in shares of CBIZ by 1.5% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,081,380 shares of the business services provider's stock valued at $170,319,000 after buying an additional 31,253 shares during the last quarter. Capital World Investors grew its holdings in shares of CBIZ by 37.6% during the fourth quarter. Capital World Investors now owns 1,134,585 shares of the business services provider's stock valued at $92,843,000 after buying an additional 309,785 shares during the last quarter. Northern Trust Corp grew its holdings in shares of CBIZ by 0.7% during the fourth quarter. Northern Trust Corp now owns 940,717 shares of the business services provider's stock valued at $76,979,000 after buying an additional 6,540 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of CBIZ by 157.2% during the fourth quarter. Invesco Ltd. now owns 769,209 shares of the business services provider's stock valued at $62,944,000 after buying an additional 470,095 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, William Blair reiterated an "outperform" rating on shares of CBIZ in a report on Friday, April 25th.

CBIZ Stock Down 17.2%

Shares of NYSE:CBZ traded down $13.12 during trading on Thursday, reaching $63.03. 938,404 shares of the stock traded hands, compared to its average volume of 424,758. The stock has a 50-day moving average of $72.46 and a two-hundred day moving average of $75.79. CBIZ, Inc. has a 52-week low of $62.65 and a 52-week high of $90.13. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market cap of $3.43 billion, a P/E ratio of 43.09 and a beta of 0.91.

CBIZ (NYSE:CBZ - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The business services provider reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.11. The firm had revenue of $683.50 million for the quarter, compared to analysts' expectations of $701.43 million. CBIZ had a net margin of 4.03% and a return on equity of 14.83%. The business's revenue for the quarter was up 62.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, sell-side analysts expect that CBIZ, Inc. will post 2.65 earnings per share for the current fiscal year.

CBIZ Company Profile

CBIZ, Inc provides financial, insurance, and advisory services in the United States and Canada. It operates through Financial Services, Benefits and Insurance Services, and National Practices segments. The Financial Services segment offers accounting and tax, financial advisory, valuation, risk and advisory, and government healthcare consulting services.