Zacks Investment Research upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a research note released on Wednesday.
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. “
Get Columbia Banking System alerts:Other research analysts have also recently issued reports about the company. BidaskClub raised Columbia Banking System from a hold rating to a buy rating in a report on Thursday, May 24th. DA Davidson lowered their price target on Columbia Banking System from $51.00 to $49.00 and set a buy rating on the stock in a report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $48.20.
Shares of Columbia Banking System opened at $41.50 on Wednesday, MarketBeat reports. Columbia Banking System has a 52-week low of $35.67 and a 52-week high of $48.06. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $3.04 billion, a P/E ratio of 18.95, a P/E/G ratio of 1.61 and a beta of 1.14.
Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.07). Columbia Banking System had a return on equity of 9.04% and a net margin of 24.05%. The business had revenue of $138.62 million during the quarter, compared to analysts’ expectations of $142.70 million. During the same period in the prior year, the firm posted $0.50 earnings per share. equities research analysts forecast that Columbia Banking System will post 2.58 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Brown Advisory Inc. lifted its holdings in Columbia Banking System by 43.6% in the 1st quarter. Brown Advisory Inc. now owns 28,480 shares of the financial services provider’s stock worth $1,195,000 after purchasing an additional 8,644 shares in the last quarter. Principal Financial Group Inc. increased its stake in Columbia Banking System by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 645,287 shares of the financial services provider’s stock worth $27,070,000 after acquiring an additional 16,111 shares during the last quarter. CIBC World Markets Inc. bought a new stake in Columbia Banking System in the 1st quarter worth approximately $424,000. Xact Kapitalforvaltning AB increased its stake in Columbia Banking System by 40.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 11,088 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Columbia Banking System by 2.2% in the 1st quarter. Legal & General Group Plc now owns 149,798 shares of the financial services provider’s stock worth $6,287,000 after acquiring an additional 3,163 shares during the last quarter. 88.77% of the stock is currently owned by institutional investors.
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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