Allspring Global Investments Holdings LLC Grows Stake in CBIZ, Inc. (NYSE:CBZ)

Allspring Global Investments Holdings LLC lifted its stake in CBIZ, Inc. (NYSE:CBZ) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,125,766 shares of the business services provider’s stock after acquiring an additional 11,401 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CBIZ were worth $75,753,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its position in CBIZ by 309.4% in the 1st quarter. Capital Research Global Investors now owns 3,128,738 shares of the business services provider’s stock valued at $245,606,000 after buying an additional 2,364,545 shares during the last quarter. Vanguard Group Inc. increased its holdings in CBIZ by 36.3% during the 1st quarter. Vanguard Group Inc. now owns 3,705,090 shares of the business services provider’s stock worth $290,850,000 after purchasing an additional 986,774 shares during the last quarter. Capital World Investors acquired a new position in shares of CBIZ in the 1st quarter valued at approximately $40,590,000. Handelsbanken Fonder AB boosted its stake in shares of CBIZ by 2,333.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 292,000 shares of the business services provider’s stock valued at $19,649,000 after buying an additional 280,000 shares during the last quarter. Finally, Artemis Investment Management LLP acquired a new stake in shares of CBIZ during the first quarter worth approximately $17,148,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

CBIZ Stock Performance

Shares of CBZ opened at $66.76 on Tuesday. The stock has a market capitalization of $3.35 billion, a PE ratio of 27.03 and a beta of 0.92. The business’s fifty day moving average price is $68.22 and its 200 day moving average price is $73.28. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.48 and a quick ratio of 1.48. CBIZ, Inc. has a 12-month low of $49.15 and a 12-month high of $86.36.

CBIZ (NYSE:CBZ) last posted its quarterly earnings results on Thursday, August 1st. The business services provider reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.29). CBIZ had a return on equity of 14.58% and a net margin of 7.12%. The business had revenue of $420.00 million during the quarter, compared to the consensus estimate of $430.38 million. During the same quarter in the previous year, the business posted $0.55 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. Equities research analysts forecast that CBIZ, Inc. will post 2.64 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on CBZ. Sidoti raised shares of CBIZ from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $80.00 to $86.00 in a report on Monday, August 12th. StockNews.com lowered CBIZ from a “hold” rating to a “sell” rating in a report on Thursday, September 5th.

CBIZ 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.