On May 26, 2023, Envestnet Asset Management Inc. made a noteworthy increase in its position in shares of CBIZ, Inc. (NYSE:CBZ) by 24.9% during the fourth quarter. According to their Form 13F filing with the Securities & Exchange Commission, Envestnet Asset Management Inc. owned 21,019 shares of CBIZ’s stock after purchasing an additional 4,197 shares during the quarter. As of its most recent SEC filing, this position was valued at $985,000.
The increase in holdings by Envestnet Asset Management Inc., a leading provider of integrated portfolio and practice management solutions for financial advisors and institutions, reflects their confidence in CBIZ’s financial performance and growth potential. This move also highlights their commitment to intelligent investing strategies that draw on extensive research and analysis.
CBIZ recently announced its quarterly earnings data on Thursday, April 27th. This business services provider reported $1.46 EPS for the quarter – beating analysts’ consensus estimates of $1.29 by $0.17 – with revenues totaling $454.60 million over the period compared to expectations of $432.66 million. CBIZ had a return on equity of 16.24% and a net margin of 8.16%, demonstrating remarkable profitability.
The company operates through four main segments: Financial Services, Benefits and Insurance Services, National Practices, and Corporate and Other services all geared toward providing holistic financial advisory solutions that cater to diverse client needs.
In conclusion, CBIZ is well-positioned to continue delivering impressive results based on its robust suite of specialized financial products and services designed with clients’ unique requirements in mind – as evidenced by their strong Q2 FY23 results – while smart investors like Envestnet Asset Management remain confident about the company’s performance due to its consistent track record over time and positioning within the market niche it caters towards. The business continues to prove its innovative effectiveness and is well on track to meet 2.41 EPS forecasts for the current year.
Institutional Investors and Hedge Funds Drive up Value of CBIZ, Inc.
CBIZ, Inc. is a financial, insurance, and advisory services company that provides a wide range of services to businesses and individuals across the United States. The company has recently been in the news due to its holdings being modified by institutional investors and hedge funds. Federated Hermes Inc., Rockefeller Capital Management L.P., Macquarie Group Ltd., Tower Research Capital LLC TRC, and McElhenny Sheffield Capital Management LLC have all acquired stakes in CBIZ, a move that has increased the company’s value significantly.
According to reports released on May 26th, 2023, institutional investors and hedge funds own 88.74% of the company’s stock. This highlights how popular CBIZ is among large-scale investors who can influence and drive up share prices.
The shares of NYSE:CBZ opened at $50.13 on Friday, with a market capitalization of $2.53 billion. The company has a 12-month low of $37.01 and a 12-month high of $53.47 with a PE ratio of 21.42 and beta of 0.76.
Apart from financial services like accounting, tax advisory, government health care consulting, valuation, risk advisory services as well as benefit and insurance services for businesses of different sizes; CBIZ also consists of National Practices segment composed of specialized groups which include; Healthcare Consulting Services (HCS), Employee Benefits Consulting (EBC) , Retirement Plan Services (RPS), Property & Casualty Insurance Brokerage (PCI) among others.
Recently insider Michael P Kouzelos sold 47,125 shares of CBIZ worth over $2 million USD while Director Joseph S Dimartino sold more than $245k USD worth stock in May alone suggesting an inclination by insiders to sell shares at their current price levels.
Finally in other related news StockNews.com reported last Thursday that they had begun coverage on CBIZ giving them a “hold” rating. Thus, CBIZ’s diversified and unique service offering has stood out and made it an attractive target for institutional investors and hedge funds, but insiders have recently been selling stocks which could potentially signal something to watch moving forward.
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