CBIZ (NYSE:CBZ) Lifted to “Strong-Buy” at Zacks Investment Research

CBIZ (NYSE:CBZ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Friday, Zacks.com reports. The firm currently has a $47.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.08% from the company’s current price.

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. “

Shares of CBIZ stock traded up $0.33 during trading on Friday, hitting $40.84. 548,074 shares of the company’s stock were exchanged, compared to its average volume of 330,017. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.21 and a current ratio of 1.21. The business has a 50-day simple moving average of $38.57 and a 200-day simple moving average of $35.08. CBIZ has a 52-week low of $25.79 and a 52-week high of $41.01. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 27.41 and a beta of 0.73.

CBIZ (NYSE:CBZ) last released its quarterly earnings data on Wednesday, October 27th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.12. The company had revenue of $282.70 million during the quarter, compared to analysts’ expectations of $259.24 million. CBIZ had a net margin of 7.49% and a return on equity of 13.82%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 earnings per share. On average, equities analysts anticipate that CBIZ will post 1.75 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC grew its position in shares of CBIZ by 49,339.7% during 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 acquiring an additional 1,339,573 shares during the last quarter. Eaton Vance Management lifted its holdings in CBIZ by 16.3% in the third quarter. Eaton Vance Management now owns 2,227,697 shares of the business services provider’s stock valued at $72,045,000 after acquiring an additional 312,651 shares during the period. Wells Fargo & Company MN lifted its holdings in CBIZ by 12.0% in the second quarter. Wells Fargo & Company MN now owns 2,759,307 shares of the business services provider’s stock valued at $90,423,000 after acquiring an additional 295,073 shares during the period. Millennium Management LLC lifted its holdings in CBIZ by 433.2% in the third quarter. Millennium Management LLC now owns 297,877 shares of the business services provider’s stock valued at $9,633,000 after acquiring an additional 242,013 shares during the period. Finally, Silvercrest Asset Management Group LLC raised its stake in shares of CBIZ by 11.3% during the 2nd quarter. Silvercrest Asset Management Group LLC now owns 1,763,954 shares of the business services provider’s stock worth $57,805,000 after buying an additional 179,381 shares during the last quarter. 95.55% of the stock is owned by hedge funds and other institutional investors.

About CBIZ

CBIZ, Inc engages in the provision of financial, insurance, and advisory services. It operates through the following segments: Financial Services, Benefits and Insurance Services, National Practices, and Corporate and Other. The Financial Services segment offers accounting, tax, government health care consulting, financial advisory, valuation, and risk advisory services.

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