CBIZ (NYSE:CBZ) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of CBIZ (NYSE:CBZGet Rating) from a hold rating to a buy rating in a report published on Monday, Zacks.com reports. The brokerage currently has $47.00 price target on the business services provider’s stock.

According to Zacks, “CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, merger and acquisition advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states. “

A number of other analysts have also commented on CBZ. William Blair reaffirmed an outperform rating on shares of CBIZ in a research note on Wednesday, March 9th. StockNews.com began coverage on shares of CBIZ in a research note on Thursday, March 31st. They set a hold rating for the company.

CBZ stock opened at $40.12 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.22. CBIZ has a one year low of $30.68 and a one year high of $44.17. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 27.11 and a beta of 0.73. The firm’s 50-day moving average price is $40.64.

CBIZ (NYSE:CBZGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. CBIZ had a net margin of 6.59% and a return on equity of 14.29%. The company had revenue of $391.70 million during the quarter, compared to analyst estimates of $367.46 million. During the same period in the prior year, the firm earned $0.92 earnings per share. The business’s quarterly revenue was up 30.3% on a year-over-year basis. As a group, analysts forecast that CBIZ will post 2.03 EPS for the current year.

In other news, insider Michael P. Kouzelos sold 9,729 shares of the stock in a transaction that occurred on Monday, March 14th. The shares were sold at an average price of $39.32, for a total value of $382,544.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Kouzelos sold 5,936 shares of the stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $39.09, for a total transaction of $232,038.24. The disclosure for this sale can be found here. Insiders sold 24,222 shares of company stock valued at $936,585 over the last three months. 6.50% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new position in CBIZ in the fourth quarter worth approximately $112,744,000. Eaton Vance Management increased its holdings in CBIZ by 14.9% in the fourth quarter. Eaton Vance Management now owns 2,559,009 shares of the business services provider’s stock worth $100,108,000 after buying an additional 331,312 shares during the last quarter. Burgundy Asset Management Ltd. increased its holdings in CBIZ by 0.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,881,008 shares of the business services provider’s stock worth $73,585,000 after buying an additional 12,929 shares during the last quarter. Cardinal Capital Management LLC CT increased its holdings in CBIZ by 0.9% in the third quarter. Cardinal Capital Management LLC CT now owns 1,816,029 shares of the business services provider’s stock worth $58,730,000 after buying an additional 15,725 shares during the last quarter. Finally, William Blair Investment Management LLC increased its holdings in CBIZ by 49,339.7% in the third quarter. William Blair Investment Management LLC now owns 1,342,288 shares of the business services provider’s stock worth $43,410,000 after buying an additional 1,339,573 shares during the last quarter. Hedge funds and other institutional investors own 88.98% of the company’s stock.

About CBIZ (Get Rating)

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

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