CBIZ (NYSE:CBZ) Hits New 1-Year High After Strong Earnings

CBIZ, Inc. (NYSE:CBZ) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $90.13 and last traded at $86.86, with a volume of 139869 shares changing hands. The stock had previously closed at $85.32.

The business services provider reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.03. CBIZ had a net margin of 7.08% and a return on equity of 15.12%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut CBIZ from a “hold” rating to a “sell” rating in a research note on Tuesday.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Creative Planning increased its stake in CBIZ by 10.2% during the 3rd quarter. Creative Planning now owns 17,562 shares of the business services provider’s stock worth $1,182,000 after buying an additional 1,630 shares during the period. Signaturefd LLC increased its position in shares of CBIZ by 55.8% during the third quarter. Signaturefd LLC now owns 961 shares of the business services provider’s stock worth $65,000 after acquiring an additional 344 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of CBIZ by 70.4% in the third quarter. Assenagon Asset Management S.A. now owns 36,800 shares of the business services provider’s stock worth $2,476,000 after acquiring an additional 15,200 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in CBIZ by 1.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,514 shares of the business services provider’s stock valued at $1,111,000 after purchasing an additional 279 shares during the last quarter. Finally, US Bancorp DE grew its stake in CBIZ by 16.1% during the 3rd quarter. US Bancorp DE now owns 1,796 shares of the business services provider’s stock valued at $121,000 after purchasing an additional 249 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

CBIZ Stock Up 2.2 %

The firm has a fifty day simple moving average of $84.24 and a 200-day simple moving average of $76.31. The company has a market capitalization of $4.37 billion, a PE ratio of 36.80 and a beta of 0.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.49 and a current ratio of 1.49.

About CBIZ

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.