Columbia Banking System (COLB) Upgraded at Zacks Investment Research

Columbia Banking System (NASDAQ:COLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

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 research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Columbia Banking System from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Stephens started coverage on shares of Columbia Banking System in a research report on Wednesday, March 6th. They set an “equal weight” rating and a $39.00 price objective on the stock. ValuEngine upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, May 4th. Finally, DA Davidson cut shares of Columbia Banking System from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $42.00 to $38.00 in a research report on Monday, March 18th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $42.33.

Shares of Columbia Banking System stock traded down $0.65 on Friday, hitting $35.44. 334,400 shares of the company traded hands, compared to its average volume of 371,459. The stock has a market cap of $2.63 billion, a P/E ratio of 14.35, a PEG ratio of 2.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.83 and a quick ratio of 0.83. Columbia Banking System has a 52 week low of $30.65 and a 52 week high of $44.73.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $142.72 million for the quarter, compared to analysts’ expectations of $147.05 million. Columbia Banking System had a net margin of 30.12% and a return on equity of 9.01%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 earnings per share. As a group, equities analysts expect that Columbia Banking System will post 2.55 EPS for the current year.

In other Columbia Banking System news, COO Clint Stein sold 657 shares of the business’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $38.32, for a total transaction of $25,176.24. Following the transaction, the chief operating officer now owns 24,644 shares in the company, valued at $944,358.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.92% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Advisor Group Inc. increased its position in Columbia Banking System by 9.2% during the fourth quarter. Advisor Group Inc. now owns 3,645 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 307 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Columbia Banking System by 48.7% during the first quarter. Toronto Dominion Bank now owns 1,005 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 329 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Columbia Banking System by 1.5% during the fourth quarter. State of Alaska Department of Revenue now owns 24,482 shares of the financial services provider’s stock valued at $888,000 after purchasing an additional 355 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Columbia Banking System by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 28,373 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 513 shares during the period. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Columbia Banking System by 3.3% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 17,431 shares of the financial services provider’s stock valued at $633,000 after purchasing an additional 551 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.

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