Columbia Banking System’s (COLB) “Hold” Rating Reiterated at Royal Bank Of Canada
Columbia Banking System, Inc. (NASDAQ:COLB)‘s stock had its “hold” rating reissued by investment analysts at Royal Bank Of Canada in a research note issued to investors on Friday. They presently have a $42.00 price objective on the financial services provider’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 15.51% from the stock’s previous close.
Several other equities research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Columbia Banking System from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Zacks Investment Research raised shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Piper Jaffray Companies raised shares of Columbia Banking System from a “neutral” rating to an “overweight” rating and increased their target price for the company from $43.00 to $46.00 in a research note on Monday, July 31st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 target price on shares of Columbia Banking System in a research note on Friday, June 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Columbia Banking System presently has a consensus rating of “Hold” and a consensus price target of $44.40.
Shares of Columbia Banking System (COLB) opened at 36.36 on Friday. The firm has a market capitalization of $2.12 billion, a P/E ratio of 18.47 and a beta of 1.24. The stock has a 50 day moving average of $37.93 and a 200-day moving average of $38.85. Columbia Banking System has a 52-week low of $31.60 and a 52-week high of $45.68.
Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. The firm had revenue of $110.30 million during the quarter, compared to analysts’ expectations of $112.27 million. During the same period in the prior year, the company posted $0.44 EPS. Equities analysts expect that Columbia Banking System will post $2.03 earnings per share for the current fiscal year.
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In related news, CFO Clint Stein sold 8,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $40.09, for a total value of $320,720.00. Following the transaction, the chief financial officer now owns 22,877 shares of the company’s stock, valued at approximately $917,138.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.23% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Flinton Capital Management LLC increased its stake in Columbia Banking System by 98.1% in the 2nd quarter. Flinton Capital Management LLC now owns 3,328 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,648 shares during the period. D.A. Davidson & CO. increased its stake in Columbia Banking System by 2.1% in the 2nd quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock worth $144,000 after buying an additional 73 shares during the period. Dubuque Bank & Trust Co. purchased a new position in Columbia Banking System in the 2nd quarter worth about $188,000. Riverhead Capital Management LLC increased its stake in Columbia Banking System by 102.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,262 shares of the financial services provider’s stock worth $210,000 after buying an additional 2,662 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Columbia Banking System by 0.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,602 shares of the financial services provider’s stock worth $218,000 after buying an additional 46 shares during the period. 96.75% of the stock is currently owned by institutional investors.
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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