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

CBIZ, Inc. (NYSE:CBZ) shares gapped up before the market opened 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 traded.

Analyst Ratings Changes

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

CBIZ Trading Down 0.4 %

The stock has a market cap of $4.00 billion, a PE ratio of 33.73 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. The company’s 50-day moving average price is $74.20 and its 200 day moving average price is $73.46.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Burgundy Asset Management Ltd. boosted its position in shares of CBIZ by 1.8% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,220,013 shares of the business services provider’s stock worth $164,503,000 after purchasing an additional 40,215 shares in the last quarter. State Street Corp raised its holdings in CBIZ by 0.9% in the 3rd quarter. State Street Corp now owns 1,130,848 shares of the business services provider’s stock valued at $76,095,000 after acquiring an additional 10,555 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in CBIZ by 1.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,125,766 shares of the business services provider’s stock worth $75,753,000 after buying an additional 11,401 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CBIZ by 1.1% during 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 acquiring an additional 11,615 shares during the period. Finally, Premier Fund Managers Ltd boosted its holdings in CBIZ by 14.0% in the third quarter. Premier Fund Managers Ltd now owns 813,698 shares of the business services provider’s stock valued at $54,375,000 after acquiring an additional 100,000 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

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.