CBIZ (NYSE:CBZ) Shares Gap Up – Here’s What Happened

Shares of CBIZ, Inc. (NYSE:CBZ) gapped up prior to trading on Thursday . The stock had previously closed at $77.90, but opened at $80.13. CBIZ shares last traded at $79.19, with a volume of 28,982 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of CBIZ from a “sell” rating to a “hold” rating in a research report on Tuesday.

CBIZ Price Performance

The business’s 50-day simple moving average is $73.62 and its two-hundred day simple moving average is $73.41. The stock has a market cap of $3.95 billion, a P/E ratio of 33.01 and a beta of 0.95. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.36.

CBIZ (NYSE:CBZ) last issued its earnings results on Tuesday, October 29th. The business services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.08. The firm had revenue of $438.90 million for the quarter, compared to analysts’ expectations of $440.16 million. CBIZ had a net margin of 7.08% and a return on equity of 15.12%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $0.66 earnings per share. Sell-side analysts expect that CBIZ, Inc. will post 2.65 EPS for the current year.

Hedge Funds Weigh In On CBIZ

Several large investors have recently modified their holdings of the stock. Retirement Systems of Alabama raised its position in shares of CBIZ by 10.3% in the 3rd quarter. Retirement Systems of Alabama now owns 86,194 shares of the business services provider’s stock worth $5,800,000 after purchasing an additional 8,032 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of CBIZ in the 3rd quarter worth about $262,000. Geode Capital Management LLC raised its position in shares of CBIZ by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,109,074 shares of the business services provider’s stock worth $74,644,000 after purchasing an additional 11,615 shares during the last quarter. Barclays PLC raised its position in shares of CBIZ by 362.1% in the 3rd quarter. Barclays PLC now owns 78,711 shares of the business services provider’s stock worth $5,298,000 after purchasing an additional 61,679 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of CBIZ by 12.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 120,155 shares of the business services provider’s stock worth $8,085,000 after purchasing an additional 12,867 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.