Cbiz Inc Stock Price, News & Analysis

CBIZ's Main Street Index reveals that over 43% of small to mid-sized U.S. businesses suffered significant impacts from COVID-19. The survey, spanning over 1,600 businesses, shows that 51% reported decreased sales, and nearly 85% utilized the Payroll Protection Program. Smaller firms, especially those with 1-4 employees, were hit hardest, with 48% facing severe challenges. Despite this, over 40% plan to increase marketing spending, indicating a willingness to invest amid uncertainty.

The CBIZ Small Business Employment Index reported a 1.5% increase in hiring for September, marking a surprise growth as businesses typically reduce headcounts during this month. This positive trend reflects a broader economic recovery despite challenges. The report, which analyzes data from over 3,400 small businesses, highlighted growth across all four U.S. regions, with the Central region leading at 1.55%. However, certain industries such as Real Estate and Retail saw declines in hiring.

CBIZ raised over $83,000 during its first-ever virtual fundraising campaign for Dress for Success, more than double the amount from the previous year. The initiative, organized by CBIZ Women's Advantage, saw participation from over 800 employees. Funds will support 46 Dress affiliates across the U.S. amid challenges from the COVID-19 pandemic. Approximately 80% of affiliates reported client layoffs, highlighting the financial hardships faced by women in the workforce. CBIZ's ongoing partnership with Dress for Success has contributed over $585,000 since 2008.

CBIZ, Inc. (NYSE: CBZ) announced the acquisition of assets from ARC Consulting LLC and ARC Placement Group LLC, effective September 1, 2020. ARC, based in San Francisco, specializes in accounting and advisory services for high-growth companies, generating approximately $17.3 million in annual revenue. This acquisition enhances CBIZ's presence in Northern California and expands its service offerings, particularly in IPO advisory and reporting. Both companies aim to leverage this partnership for broader national service delivery and client growth.

CBIZ, Inc. (NYSE: CBZ) appointed A. Haag Sherman as an independent director, effective August 6, 2020, filling the vacancy left by Donald V. Weir's retirement. Sherman brings extensive business and financial expertise, particularly in wealth management and accounting, and will serve on the Audit Committee. His background includes being CEO of Tectonic Financial and co-founding an asset management firm. CBIZ's Board now comprises 10 members, with eight independent directors, enhancing its governance structure and decision-making capabilities.

CBIZ, Inc. (NYSE: CBZ) reported its second-quarter and first-half results for 2020. Total revenue increased by 0.6% to $236.9 million compared to 2019, while same-unit revenue decreased by 1.4%. EPS from continuing operations rose by 30% to $0.39. For the first half, revenue grew 1.8% to $514.4 million, with same-unit revenue down by 0.1%. Adjusted EBITDA increased by 24.7% for the second quarter and 7.4% for the first half. The company also repaid $210 million of borrowed funds, maintaining strong liquidity with $270 million in unused financing capacity.

CBIZ, Inc. (NYSE: CBZ) will report its financial results for the second quarter and first half of 2020 on Thursday, July 30, 2020, before market opening. A conference call will follow at 11:00 a.m. ET, hosted by CBIZ President Jerry Grisko and CFO Ware Grove. Interested investors can pre-register online to receive dial-in information. CBIZ is a prominent provider of financial and advisory services across the U.S., operating over 100 offices in 31 states, focusing on a range of services including accounting, tax, and employee benefits.

CBIZ, Inc. (NYSE: CBZ) announced the acquisition of substantially all assets of Prince-Wood Insurance, L.L.C. (PWI), effective July 1, 2020. Established in 1967, PWI specializes in property and casualty insurance for small and mid-sized businesses in Northern and Central Virginia, Maryland, and Washington, DC, generating approximately $1.2 million in annual revenue. CBIZ aims to enhance its property and casualty insurance business through this acquisition, emphasizing PWI's long-standing local presence and client relationships.

CBIZ, a prominent provider of financial, insurance, and advisory services, announced that CEO Jerry Grisko and CFO Ware Grove will present at the CJS Securities 20th Annual New Ideas Summer Conference on July 14, 2020, at 10:45 AM EST. The event will be held virtually, and the presentation can be accessed live on the CBIZ investor relations page. A replay will be available shortly after the event. CBIZ operates over 100 offices across 31 states, offering a wide range of services including accounting, insurance, and employee benefits.