Columbia Banking System, Inc. (COLB) Lifted to Hold at Zacks Investment Research
Columbia Banking System, Inc. (NASDAQ:COLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Columbia Banking System, Inc. is a registered bank holding company whose wholly owned subsidiary, Columbia State Bank,conducts a full-service commercial banking business. Headquartered in Tacoma, Washington, the Company provides a full range of banking services to small and medium-sized businesses, professionals and other individuals through banking offices located in the Tacoma metropolitan area and contiguous parts of the Puget Sound region of Washington, as well as the Longview and Woodland communities in southwestern Washington. “
Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada reiterated a “hold” rating and set a $42.00 price objective on shares of Columbia Banking System in a research note on Friday, July 28th. BidaskClub downgraded shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 price objective on shares of Columbia Banking System in a research note on Friday, June 16th. Finally, Piper Jaffray Companies dropped their price objective on shares of Columbia Banking System from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Columbia Banking System currently has a consensus rating of “Hold” and a consensus target price of $44.40.
Shares of Columbia Banking System (NASDAQ:COLB) traded down 0.08% during mid-day trading on Tuesday, hitting $38.96. The stock had a trading volume of 373,652 shares. The stock has a market cap of $2.27 billion, a P/E ratio of 19.77 and a beta of 1.22. The company’s 50 day moving average is $39.53 and its 200-day moving average is $39.37. Columbia Banking System has a 52-week low of $30.90 and a 52-week high of $45.68.
Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.01. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. The business had revenue of $110.30 million for the quarter, compared to the consensus estimate of $112.27 million. During the same quarter in the prior year, the business posted $0.44 earnings per share. On average, equities research analysts anticipate that Columbia Banking System will post $2.03 earnings per share for the current fiscal year.
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In other Columbia Banking System news, CFO Clint Stein sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $40.09, for a total value of $320,720.00. Following the completion of the sale, the chief financial officer now directly owns 22,877 shares in the company, valued at $917,138.93. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.23% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Columbia Banking System during the second quarter valued at $112,000. BlackRock Inc. increased its stake in shares of Columbia Banking System by 121.9% in the first quarter. BlackRock Inc. now owns 3,899 shares of the financial services provider’s stock valued at $116,000 after buying an additional 2,142 shares during the period. Bank of Montreal Can purchased a new stake in shares of Columbia Banking System during the second quarter valued at $153,000. Envestnet Asset Management Inc. increased its stake in shares of Columbia Banking System by 18.4% in the first quarter. Envestnet Asset Management Inc. now owns 6,208 shares of the financial services provider’s stock valued at $186,000 after buying an additional 966 shares during the period. Finally, Elkfork Partners LLC purchased a new stake in shares of Columbia Banking System during the fourth quarter valued at $188,000. Institutional investors own 95.46% of the company’s stock.
About Columbia Banking System
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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