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) released the Q1 2021 CBIZ Main Street Index, highlighting the ongoing effects of COVID-19 on small and midsize businesses (SMBs) in the U.S. Surveying over 2,480 businesses, it found that 14% faced severe impact, while 61% cited revenue loss as their main concern. Despite these challenges, about 75% expressed optimism, driven by factors like vaccine distribution and adaptability. Notably, 22% reported growth in marketing efforts, indicating some businesses are evolving and reinvesting despite economic uncertainty.
CBIZ, Inc. (NYSE: CBZ) has revealed the finalists for its inaugural Women Transforming Business Award in celebration of International Women's Day. The award honors female leaders for their transformational impact in financial strength, innovation, or culture. Finalists include leaders from various sectors, such as Danielle David of CRB and Emilia DiMenco of the Women’s Business Development Center. A winner will be announced during a virtual event on April 27, 2021. This initiative reflects CBIZ's commitment to supporting female business leaders and recognizes their significant contributions.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted gain of 0.99% for February, indicating a rebound from January’s decline as COVID-19 restrictions ease. The SBEI tracks payroll trends for over 3,400 small businesses. February also saw private-sector jobs rise by 117,000, with small businesses contributing 32,000 of these. The West region led growth at 4.58%, particularly in Accommodation and Food Services. The outlook remains positive as more sectors reopen, with potential for further hiring growth.
CBIZ, a leading financial and advisory services firm, has promoted Thomas Bonney to National Leader of its Financial Services Advisory Practice. This promotion aims to enhance the company's advisory capabilities as demand grows among clients for comprehensive financial solutions. Bonney, who has over 30 years of experience, will focus on developing a national go-to-market strategy and acquiring strategic consulting practices. This leadership change reflects CBIZ's commitment to evolving its advisory services and addressing complex financial challenges faced by clients.
CBIZ reported Q4 2020 revenues of $211.1 million, up 3.9% year-over-year, driven by $5.8 million from acquisitions. Same-unit revenue rose 1.1%. For the full year, revenues reached $963.9 million, a 1.6% increase, yet same-unit revenue declined by 0.4%. Income from continuing operations was $78.3 million ($1.42 per diluted share), up 11.8%. CBIZ expects 2021 revenue growth of 5% to 8% and EPS growth of 8% to 12%. The company also repurchased 2.9 million shares in total and maintains a strong financial position with $286 million in unused borrowing capacity.
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decline of 1.29% in January 2021, the largest drop since May 2020. This trend reflects challenges faced by small businesses amid pandemic-related restrictions and adverse winter weather. In January, 15.3% of companies expanded their workforce, while 33.3%-4.20%. Despite small businesses adding 51,000 jobs, the overall outlook remains cautious due to ongoing economic pressures.
CBIZ, Inc. (NYSE: CBZ), a top provider of financial and advisory services, will release its financial results for the fourth quarter and full year ending December 31, 2020, on February 18, 2021, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove will occur at 11:00 a.m. ET on the same day to discuss the results. Investors can access the call via the company's investor relations page, and a replay will be available afterward.
CBIZ (NYSE: CBZ) has launched a new website, enhancing its digital presence with improved user interface and optimized search capabilities. This update reflects the company's commitment to technology-enabled services, providing clients with easier access to resources and solutions. CEO Jerry Grisko emphasized this shift responds to the increased reliance on digital tools amid changing business environments. The site features resources to aid businesses in post-COVID recovery, including the CBIZ Accelerated Recovery Solutions and a podcast series titled “What’s Next?” addressing various business challenges.
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of Middle Market Advisory Group (MMA) from Richey May & Co., effective January 1, 2021. MMA specializes in tax compliance and consulting for middle-market firms in various sectors, generating approximately $3.6 million in annual revenue. This acquisition enhances CBIZ's Colorado practice by adding 26 skilled employees and broadening its expertise in key industries such as real estate and technology. CBIZ aims to leverage MMA's client service reputation to better support middle-market businesses and high-net-worth individuals.
The CBIZ Small Business Employment Index (SBEI) reported a 0.32% increase in December 2020, indicating resilience among small businesses amid COVID-19. Data revealed that 27.63% of companies added staff, with notable hiring growth in Healthcare, Financial Services, and Retail Trade. However, small business jobs decreased by 13,000 according to ADP and Moody’s. Regional hiring varied, with the Northeast seeing a 1.18% increase. Optimism remains for 2021, contingent on consumer sentiment and vaccination efforts, according to Executive VP Philip Noftsinger.
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?
