Zacks Research Upgrades Columbia Banking System (NASDAQ:COLB) to Hold

Columbia Banking System (NASDAQ:COLB) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks reports.

Several other analysts also recently commented on COLB. Barclays decreased their target price on shares of Columbia Banking System from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Monday, August 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Royal Bank Of Canada upped their price objective on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. JPMorgan Chase & Co. increased their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Finally, DA Davidson raised shares of Columbia Banking System from a “neutral” rating to a “buy” rating and increased their target price for the stock from $33.00 to $36.00 in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Columbia Banking System Stock Performance

Shares of NASDAQ COLB opened at $29.32 on Monday. The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 2.94 and a beta of 0.62. The business has a 50 day simple moving average of $31.64 and a 200 day simple moving average of $29.99. Columbia Banking System has a 52 week low of $23.83 and a 52 week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $677.00 million for the quarter, compared to analyst estimates of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter last year, the firm earned $0.76 earnings per share. On average, analysts predict that Columbia Banking System will post 3.03 EPS for the current year.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the transaction, the chief marketing officer owned 18,636 shares of the company’s stock, valued at $554,793.72. This trade represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of COLB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Columbia Banking System in the 2nd quarter worth $29,000. Geneos Wealth Management Inc. boosted its holdings in Columbia Banking System by 194.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares during the period. Cedar Mountain Advisors LLC grew its position in shares of Columbia Banking System by 571.7% in the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 949 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Columbia Banking System in the second quarter valued at about $31,000. Finally, Horizon Investments LLC increased its stake in shares of Columbia Banking System by 168.8% in the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 773 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.