Columbia Banking System (COLB) Rating Increased to Buy at Zacks Investment Research
Columbia Banking System (NASDAQ:COLB) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $50.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.23% from the company’s current price.
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. “
Other equities analysts have also issued reports about the stock. DA Davidson reaffirmed a “buy” rating and issued a $48.00 price target (up from $45.00) on shares of Columbia Banking System in a report on Tuesday, October 17th. BidaskClub lowered shares of Columbia Banking System from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Columbia Banking System has a consensus rating of “Hold” and an average target price of $47.40.
Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $126.00 million for the quarter, compared to analyst estimates of $119.16 million. During the same period in the previous year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. equities research analysts anticipate that Columbia Banking System will post 2.2 earnings per share for the current fiscal year.
In other news, CAO Barry Ray sold 750 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $46.87, for a total transaction of $35,152.50. Following the sale, the chief accounting officer now directly owns 11,250 shares of the company’s stock, valued at $527,287.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.23% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. D.A. Davidson & CO. grew its holdings 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 valued at $144,000 after buying an additional 73 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Columbia Banking System by 1.1% during the second quarter. Amalgamated Bank now owns 7,945 shares of the financial services provider’s stock valued at $317,000 after buying an additional 84 shares during the last quarter. Pinebridge Investments L.P. grew its holdings in shares of Columbia Banking System by 0.3% during the second quarter. Pinebridge Investments L.P. now owns 39,058 shares of the financial services provider’s stock valued at $1,556,000 after buying an additional 100 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Columbia Banking System by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 5,840 shares of the financial services provider’s stock valued at $233,000 after buying an additional 238 shares during the last quarter. Finally, Federated Investors Inc. PA grew its holdings in shares of Columbia Banking System by 1.7% during the second quarter. Federated Investors Inc. PA now owns 43,099 shares of the financial services provider’s stock valued at $1,717,000 after buying an additional 739 shares during the last quarter. 76.23% of the stock is currently owned by hedge funds and other institutional investors.
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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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