Zacks Investment Research Upgrades Columbia Banking System (COLB) to Buy
Zacks Investment Research upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a buy rating in a research report released on Monday morning. The firm currently has $50.00 target price on the financial services provider’s stock.
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. “
Several other equities analysts have also weighed in on the stock. BidaskClub lowered shares of Columbia Banking System from a hold rating to a sell rating in a report on Wednesday, January 3rd. DA Davidson reiterated a buy rating and set a $48.00 price objective (up previously from $45.00) on shares of Columbia Banking System in a report on Tuesday, October 17th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $47.40.
Shares of Columbia Banking System (NASDAQ:COLB) traded up $0.43 during midday trading on Monday, hitting $46.02. 219,637 shares of the stock traded hands, compared to its average volume of 261,978. Columbia Banking System has a 52-week low of $35.67 and a 52-week high of $48.06. The firm has a market capitalization of $2,670.00, a price-to-earnings ratio of 21.01, a P/E/G ratio of 1.84 and a beta of 1.25.
Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. Columbia Banking System had a net margin of 27.72% and a return on equity of 9.93%. The firm had revenue of $126.00 million for the quarter, compared to analyst estimates of $119.16 million. During the same quarter in the prior year, the business earned $0.47 earnings per share. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. equities research analysts anticipate that Columbia Banking System will post 2.2 earnings per share for the current year.
In other news, CAO Barry Ray sold 750 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $46.87, for a total transaction of $35,152.50. Following the completion of the sale, the chief accounting officer now directly owns 11,250 shares of the company’s stock, valued at $527,287.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.23% of the company’s stock.
Large investors have recently bought and sold shares of the company. Flinton Capital Management LLC increased its position in shares of Columbia Banking System by 98.1% during the second quarter. Flinton Capital Management LLC now owns 3,328 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,648 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of Columbia Banking System by 2.1% during the second quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock worth $144,000 after acquiring an additional 73 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Columbia Banking System during the third quarter worth about $202,000. Janney Montgomery Scott LLC bought a new stake in shares of Columbia Banking System during the third quarter worth about $204,000. Finally, Riverhead Capital Management LLC increased its position in shares of Columbia Banking System by 102.4% during the second quarter. Riverhead Capital Management LLC now owns 5,262 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,662 shares in the last quarter. 76.23% of the stock is owned by 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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