Columbia Banking System, Inc. (COLB) Downgraded to “Sell” at BidaskClub
BidaskClub cut shares of Columbia Banking System, Inc. (NASDAQ:COLB) from a hold rating to a sell rating in a report published on Tuesday morning.
COLB has been the topic of several other research reports. Zacks Investment Research lowered shares of Columbia Banking System from a buy rating to a hold rating in a report on Tuesday, May 2nd. Royal Bank Of Canada reaffirmed a hold rating and issued a $44.00 target price on shares of Columbia Banking System in a report on Tuesday, May 9th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $44.00 target price on shares of Columbia Banking System in a report on Friday, June 16th. Finally, Piper Jaffray Companies lowered their target price on shares of Columbia Banking System from $43.00 to $41.00 and set a neutral rating on the stock in a report on Monday, April 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $43.40.
Columbia Banking System (NASDAQ:COLB) traded down 2.49% on Tuesday, hitting $38.40. 280,290 shares of the stock traded hands. Columbia Banking System has a 12-month low of $29.95 and a 12-month high of $45.68. The stock has a 50-day moving average of $39.72 and a 200-day moving average of $39.45. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 19.48 and a beta of 1.22.
Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The business had revenue of $110.30 million during 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 period last year, the firm earned $0.44 EPS. Analysts forecast that Columbia Banking System will post $2.04 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Monday, August 7th. Columbia Banking System’s payout ratio is 44.67%.
In other Columbia Banking System news, CFO Clint Stein sold 8,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $40.09, for a total transaction of $320,720.00. Following the sale, the chief financial officer now owns 22,877 shares of the company’s stock, valued at approximately $917,138.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.23% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Columbia Banking System by 49,309.5% in the first quarter. BlackRock Inc. now owns 7,207,371 shares of the financial services provider’s stock worth $281,015,000 after buying an additional 7,192,784 shares in the last quarter. State Street Corp raised its stake in shares of Columbia Banking System by 74.9% in the first quarter. State Street Corp now owns 2,754,433 shares of the financial services provider’s stock worth $107,399,000 after buying an additional 1,179,254 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of Columbia Banking System by 109.9% in the first quarter. Neuberger Berman Group LLC now owns 1,302,419 shares of the financial services provider’s stock worth $50,781,000 after buying an additional 681,910 shares in the last quarter. Norges Bank bought a new stake in shares of Columbia Banking System during the fourth quarter worth approximately $18,717,000. Finally, Tributary Capital Management LLC bought a new stake in shares of Columbia Banking System during the second quarter worth approximately $12,655,000. 94.88% of the stock is currently owned by hedge funds and other institutional investors.
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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