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CBIZ, Inc. reports developments tied to its national professional services advisory business for middle-market organizations. Company news centers on financial results, revenue trends in Financial Services, earnings outlooks, free cash flow, share repurchases, and capital allocation.
Updates also cover CBIZ's accounting, tax, advisory, benefits, insurance, and technology capabilities, including post-acquisition integration activity, leadership changes, technology and AI initiatives, and research on middle-market business conditions. Recurring releases frame CBIZ around client service expansion, industry specialization, cost productivity, talent, and technology priorities across its U.S. advisory platform.
The CBIZ Small Business Employment Index reported a 0.29% increase in hiring for June, tracking payroll trends across over 3,600 small businesses. Key sectors experiencing growth included Rental, Leasing, and Real Estate, while Retail and Food Services saw declines. The overall private-sector jobs rose by 372,000, but the national unemployment rate remained steady at 3.6%. Regional growth was strongest in the Northeast at 1.28%, while the West faced a decline of -2.35%. Despite these trends, small businesses are cautious due to inflationary pressures.
CBIZ, Inc. (NYSE: CBZ) has acquired Stinnett & Associates, a professional advisory firm based in Tulsa, Oklahoma, effective July 1, 2022. Stinnett offers services such as internal audit, cybersecurity reviews, and business continuity, generating approximately $16.4 million in annual revenue. This acquisition aligns with CBIZ's growth strategy by enhancing its advisory services and expanding its client base. The integration of Stinnett's talented workforce and expertise is expected to create new growth opportunities for CBIZ.
The CBIZ Small Business Employment Index (SBEI) reported a 1.91% decrease in May, reversing positive hiring trends from April. This decline affects companies with 300 or fewer employees and reflects rising operational costs and consumer economic pressures. Notably, small businesses accounted for a decline of 91,000 jobs while the overall job market saw an increase of 128,000 private-sector jobs.
The West and Southeast regions experienced the largest hiring drops, and while Professional Services saw gains, other sectors like Manufacturing and Retail faced declines.
CBIZ, Inc. (NYSE: CBZ) has expanded its unsecured credit facility from $400 million to $600 million, extending the maturity date to five years. The agreement also includes a feature allowing lenders to extend an additional $200 million in the future. The company's president highlighted that the growth in revenue has continued into 2022 due to strategic investments in various areas. Since early 2020, CBIZ has made 14 strategic acquisitions and repurchased over 5.5 million shares, equating to about 10 percent of its outstanding shares.
The CBIZ Small Business Employment Index (SBEI) indicated a significant 1.59% increase in April, suggesting positive momentum in the labor market for small businesses. This growth follows two months of hiring increases and reflects strong consumer demand. The index, which monitors trends for over 3,700 small companies, showed broad hiring gains across all U.S. regions, with the Northeast leading at 2.3%. Notably, sectors like Arts and Entertainment saw hiring increases, while Real Estate and Construction faced declines due to rising home prices and materials costs.
CBIZ, Inc. (NYSE: CBZ) recently announced the winners of its second annual Women Transforming Business Award, celebrating women who drive financial, cultural, and innovative change. The event featured a keynote by Martha Stewart, who discussed her business journey. Award winners included Rita Gardner from Melmark Inc for financial strength, Mary Frontczak from Compass Minerals for culture, and Sarah Wovcha from Children’s Dental Services for innovation. This initiative highlights the impact of female leaders on business advancement.
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CBIZ, a leading financial services provider, reported strong first-quarter results for 2022. Total revenue surged to $391.7 million, marking a 30.3% increase year-over-year. Income from continuing operations rose to $58.1 million or $1.10 per diluted share, up 15.8%. Adjusted EBITDA climbed 26.7% to $92.9 million. The company’s acquisition of Marks Paneth contributed significantly to growth, with 20.7% of revenue growth attributed to acquired operations. CBIZ reaffirms positive revenue growth outlook of 19% to 21% for the year.
The CBIZ Main Street Index reveals that small to mid-sized businesses are adapting to high inflation, staffing shortages, and supply chain challenges. 64% of businesses cite inflation as their largest burden, with 69% planning price increases. Staffing remains tight, with 52% of businesses concerned about shortages. Despite these challenges, strong consumer demand supports optimism, with fewer companies reporting revenue declines. The survey reflects responses from over 1,400 businesses and marks a shift away from COVID-19 concerns.
CBIZ, Inc. (NYSE: CBZ) will announce its financial results for Q1 2022 on April 28, 2022, before market opening. A conference call to discuss these results will take place at 11 a.m. ET on the same day, featuring President and CEO Jerry Grisko and CFO Ware Grove. Investors can access the live webcast on the CBIZ investor relations page, and an archived version will be available post-call. CBIZ is a prominent provider of financial, insurance, and advisory services in the U.S., operating over 100 offices across 32 states.