Columbia Banking System, Inc. (COLB) Downgraded to Hold at Zacks Investment Research
Columbia Banking System, Inc. (NASDAQ:COLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and 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. “
A number of other brokerages have also recently issued reports on COLB. BidaskClub cut shares of Columbia Banking System from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Piper Jaffray Companies upgraded Columbia Banking System from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $43.00 to $46.00 in a research note on Monday, July 31st. Royal Bank Of Canada reissued a “hold” rating and set a $42.00 price target on shares of Columbia Banking System in a report on Friday, July 28th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Columbia Banking System in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Columbia Banking System has a consensus rating of “Hold” and an average price target of $44.40.
Columbia Banking System (NASDAQ:COLB) traded down 0.89% during mid-day trading on Tuesday, reaching $42.19. 229,319 shares of the company’s stock traded hands. The stock has a 50 day moving average of $38.35 and a 200 day moving average of $38.82. Columbia Banking System has a 12-month low of $31.75 and a 12-month high of $45.68. The company has a market cap of $2.46 billion, a P/E ratio of 21.43 and a beta of 1.26.
Columbia Banking System (NASDAQ:COLB) last announced 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). The company had revenue of $110.30 million for the quarter, compared to the consensus estimate of $112.27 million. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. During the same quarter last year, the firm posted $0.44 earnings per share. On average, equities research analysts predict that Columbia Banking System will post $2.03 earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of the company. First National Bank of Omaha bought a new stake in shares of Columbia Banking System in the second quarter worth about $1,066,000. Tudor Investment Corp ET AL grew its holdings in 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 valued at $363,000 after buying an additional 3,849 shares in the last quarter. Eagle Asset Management Inc. increased its stake in Columbia Banking System by 33.2% in the 2nd quarter. Eagle Asset Management Inc. now owns 191,575 shares of the financial services provider’s stock worth $7,634,000 after acquiring an additional 47,708 shares during the last quarter. BlackRock Inc. increased its stake in Columbia Banking System by 49,309.5% in the 1st quarter. BlackRock Inc. now owns 7,207,371 shares of the financial services provider’s stock worth $281,015,000 after acquiring an additional 7,192,784 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Columbia Banking System by 7.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 353,604 shares of the financial services provider’s stock worth $13,788,000 after acquiring an additional 25,644 shares during the last quarter. Hedge funds and other institutional investors own 96.24% of the company’s stock.
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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