Columbia Banking System, Inc. (COLB) Stock Rating Upgraded by Zacks Investment Research
Columbia Banking System, Inc. (NASDAQ:COLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $48.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.32% from the stock’s previous close.
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. “
COLB has been the topic of a number of other reports. DA Davidson reaffirmed a “buy” rating and issued a $48.00 price objective (up from $45.00) on shares of Columbia Banking System in a report on Tuesday, October 17th. BidaskClub lowered Columbia Banking System from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Piper Jaffray Companies raised Columbia Banking System from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $43.00 to $46.00 in a report on Monday, July 31st. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $42.00 target price on shares of Columbia Banking System in a report on Friday, September 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $45.60.
Columbia Banking System (NASDAQ:COLB) traded up 1.16% during midday trading on Tuesday, reaching $43.51. 518,085 shares of the company’s stock were exchanged. Columbia Banking System has a 12 month low of $31.90 and a 12 month high of $45.68. The company has a 50 day moving average price of $41.23 and a 200 day moving average price of $39.43. The company has a market cap of $2.54 billion, a P/E ratio of 22.10 and a beta of 1.26.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. Columbia Banking System had a return on equity of 9.93% and a net margin of 27.72%. The firm had revenue of $126.00 million for the quarter, compared to analyst estimates of $119.16 million. During the same period in the prior year, the firm posted $0.47 EPS. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, equities analysts anticipate that Columbia Banking System will post $2.10 EPS for the current year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its holdings in shares of Columbia Banking System by 77.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 8,038 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 3,519 shares in the last quarter. Norges Bank acquired a new stake in shares of Columbia Banking System during the 4th quarter worth $12,226,000. First National Bank of Omaha acquired a new stake in shares of Columbia Banking System during the 2nd quarter worth $1,066,000. Tudor Investment Corp ET AL grew its holdings in shares of Columbia Banking System by 70.4% during the 1st quarter. Tudor Investment Corp ET AL now owns 9,313 shares of the financial services provider’s stock worth $363,000 after purchasing an additional 3,849 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its holdings in shares of Columbia Banking System by 33.2% during the 2nd quarter. Eagle Asset Management Inc. now owns 191,575 shares of the financial services provider’s stock worth $7,634,000 after purchasing an additional 47,708 shares in the last quarter. 95.68% of the stock is currently owned by institutional investors.
Columbia Banking System Company Profile
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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