Columbia Banking System (NASDAQ:COLB) Rating Increased to Buy at DA Davidson

Columbia Banking System (NASDAQ:COLB) was upgraded by DA Davidson from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a $36.00 price target on the financial services provider’s stock, up from their previous price target of $33.00. DA Davidson’s target price points to a potential upside of 21.46% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Barclays cut their price objective on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. Wells Fargo & Company increased their price target on shares of Columbia Banking System from $32.00 to $34.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Stephens upped their price objective on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods increased their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. raised their target price on Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $33.62.

Columbia Banking System Trading Down 1.4%

Shares of Columbia Banking System stock opened at $29.64 on Tuesday. Columbia Banking System has a twelve month low of $23.83 and a twelve month high of $33.67. The firm has a market capitalization of $8.39 billion, a PE ratio of 11.81, a P/E/G ratio of 2.98 and a beta of 0.63. The firm’s 50-day moving average price is $31.68 and its 200 day moving average price is $30.01.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period in the previous year, the business earned $0.76 earnings per share. On average, sell-side analysts predict that Columbia Banking System will post 3.03 EPS for the current fiscal year.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the sale, the chief marketing officer directly owned 18,636 shares in the company, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of Columbia Banking System

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Columbia Banking System during the second quarter worth about $29,000. Geneos Wealth Management Inc. grew its position in Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after buying an additional 794 shares during the last quarter. Cedar Mountain Advisors LLC increased its stake in shares of Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 949 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Columbia Banking System during the 2nd quarter worth approximately $31,000. Finally, Horizon Investments LLC boosted its stake in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after buying an additional 773 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.