Welcome to our dedicated page for CBIZ news (Ticker: CBZ), a resource for investors and traders seeking the latest updates and insights on CBIZ stock.
CBIZ, Inc. (NYSE: CBZ) is a leading provider of professional business services that help clients manage their finances and employees more effectively. Headquartered in Cleveland, Ohio, CBIZ offers a wide range of financial services including accounting, tax consulting, financial advisory, government healthcare consulting, risk advisory, real estate consulting, and valuation services. Additionally, CBIZ provides extensive employee services such as employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll services, life insurance, HR consulting, and executive recruitment.
Named one of America’s Best Employers by Forbes in 2015 and recognized as the top employer in the consulting and accounting industry, CBIZ operates over 100 offices across 33 states, making it one of the largest brokers of employee benefits and property/casualty insurance in the U.S.
CBIZ’s business model is structured into three main practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The company serves a diverse array of industries, including agribusiness, SaaS, construction, healthcare, oil and gas, real estate, retail, financial institutions, and government sectors. CBIZ derives a significant portion of its revenue from its Financial Services segment, and primarily operates within the U.S. market.
CBIZ is associated with Mayer Hoffman McCann P.C. (MHM), a national, independent CPA firm. This association allows CBIZ to deliver comprehensive and independent financial services to its clients.
Recent Achievements and Financial Performance
In its most recent financial reports, CBIZ announced strong performance results for both quarterly and nine-month periods. For Q3 2023, CBIZ reported revenues of $410.5 million, a 13% increase compared to the same period in the previous year. Net income for Q3 2023 was $33.7 million, reflecting a robust growth of 22.5% year-over-year. For the first nine months of 2023, CBIZ achieved revenues of $1,263.6 million, marking a 13.1% increase from the corresponding period in 2022. Net income for the same period totaled $133.7 million, a 14.3% increase from the previous year.
The company’s growth strategy is supported by a combination of organic growth and strategic acquisitions. In 2023, CBIZ completed several acquisitions, enhancing its service offerings and expanding its market presence. The company's pipeline for mergers and acquisitions remains active, positioning CBIZ for continued growth in the coming years.
Looking forward to 2024, CBIZ remains optimistic about its business outlook, anticipating favorable economic conditions that will support strong demand for its financial, insurance, and advisory services. The company continues to focus on providing a breadth of services and unmatched expertise, ensuring its clients receive the highest quality support and consulting.
For more information on CBIZ and its services, visit www.cbiz.com.
CBIZ, Inc. (NYSE: CBZ) has appointed Richard T. Marabito as an independent director on its Board of Directors, expanding its membership from 10 to 11. Effective August 12, 2021, Marabito, who is currently the CEO of Olympic Steel, will also serve on the Audit Committee. His extensive experience includes 18 years as CFO and over two decades in the public accounting sector. CBIZ Chairman Steven L. Gerard expressed confidence that Marabito's leadership and expertise will benefit the company significantly.
The CBIZ Small Business Employment Index (SBEI) reported a 1.99% increase for July, marking the second consecutive month of growth in hiring among small businesses. The index reflects payroll trends from over 3,600 companies with 300 or fewer employees. Notably, 91,000 jobs were added by small businesses in July, contributing to a total of 330,000 private-sector jobs added. Regional hiring was strongest in the Southeast (3.04%), while the West saw a slight decline (-0.09%). Concerns about virus variants may impact future employment trends.
CBIZ reported strong second-quarter results for 2021, achieving $278.6 million in revenue, a 17.6% increase year-over-year. Growth was fueled by acquired operations, contributing $16.9 million, and a 10.5% rise in same-unit revenue. However, income from continuing operations fell to $8.6 million due to a $30.5 million pretax charge from a settlement. Adjusted EPS rose to $0.50, a 28.2% increase. For 2021, the company raised its revenue growth guidance to 10%-12%, with expectations for adjusted diluted EPS growth of 12%-15%.
CBIZ, Inc. (NYSE: CBZ) will announce its financial results for the second quarter and first half of 2021 on July 29, 2021, before market open. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove is scheduled for 11:00 a.m. ET on the same day, with a live webcast available on the investor relations page. Investors can pre-register for the call to obtain access details. CBIZ provides a range of financial, insurance, and advisory services across the U.S., maintaining over 100 offices in 31 states.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 0.34% in June, signaling growth in the small business sector. The index tracks payroll trends for over 3,600 companies with 300 or fewer employees. Notably, hiring rose in the Northeast by 2.77%, while the Southeast and West saw declines. Positive growth was noted in industries like Financial Services and Construction. However, concerns over staffing shortages persist, with 46% of businesses expressing unease. If current trends continue, longer-term growth is anticipated.
CBIZ, Inc. (NYSE: CBZ) announced a settlement agreement regarding a lawsuit filed by the University of Pittsburgh Medical Center, which sought compensatory damages between $124 million and $266 million related to actuarial services. CBIZ will pay a total of $41.5 million, expecting a one-time after-tax charge of approximately $22.8 million, impacting its 2021 earnings per share by about $0.42. The company aims to mitigate risks associated with ongoing litigation, allowing it to refocus on business growth. As of May, CBIZ reported strong cash flows and a healthy balance sheet.
CBIZ (NYSE: CBZ) has published its Q2 2021 Main Street Index, indicating a significant recovery for small and mid-sized businesses post-COVID-19. Business confidence surged by 11%, with 85% of respondents reporting positive outlooks. Revenue growth doubled, rising from 22% in Q1 to 52% in Q2. However, staffing challenges remain, with 46% of businesses expressing hiring concerns. Additionally, 57% of companies confirmed a shift to remote or hybrid work, while nearly half are encouraging employee vaccinations.
CBIZ, Inc. (NYSE: CBZ) has completed its acquisition of Schramm Health Partners, LLC, known as Optumas, effective June 1, 2021. Based in Scottsdale, Arizona, Optumas specializes in actuarial services for state Medicaid programs and generated around $10.9 million in annual revenue. This acquisition is aimed at enhancing CBIZ's government health care consulting services and offering more comprehensive solutions to clients. The leadership of both companies expressed excitement over the strategic combination, which is expected to boost future growth and improve client service delivery.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decrease of 0.21% in May, following growth in April. This decline suggests small businesses may be reducing hiring after three months of increases. The Northeast region saw a hiring increase of 0.52%, while the Central, Southeast, and West regions reported declines of -0.28%, -0.39%, and -0.5%, respectively. Industries such as Arts, Entertainment, and Retail experienced hiring growth, while Professional Services and Healthcare faced declines.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted increase of 3.57% for April, indicating heightened hiring efforts among small businesses. Tracking over 3,500 companies, the SBEI highlights significant employment growth, especially in the Northeast (5.94%) and West (3.97%). The report also notes a gain of 742,000 private-sector jobs and 235,000 new jobs in small businesses. Growth was particularly notable in the Arts and Entertainment, Agriculture, and Food Services sectors. However, future hiring trends may slow as the U.S. fully reopens.
FAQ
What is the current stock price of CBIZ (CBZ)?
What is the market cap of CBIZ (CBZ)?
What services does CBIZ, Inc. provide?
Where is CBIZ, Inc. headquartered?
How many offices does CBIZ, Inc. operate?
What are the primary industries CBIZ, Inc. serves?
What recent financial performance highlights has CBIZ, Inc. reported?
Who is CBIZ, Inc. affiliated with?
Does CBIZ, Inc. have a strategy for growth?
How can I learn more about CBIZ, Inc.?
What recognition has CBIZ, Inc. received?
