Columbia Banking System (COLB) Rating Increased to Outperform at Keefe, Bruyette & Woods

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Columbia Banking System (NASDAQ:COLB) was upgraded by Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $45.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 19.24% from the stock’s current price.

Several other equities analysts have also commented on COLB. BidaskClub lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Wednesday, August 1st. Zacks Investment Research lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. Finally, Piper Jaffray Companies set a $48.00 price target on Columbia Banking System and gave the company a “buy” rating in a research note on Saturday, October 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $46.17.

NASDAQ COLB opened at $37.74 on Thursday. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 2.10 and a beta of 1.05. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. Columbia Banking System has a fifty-two week low of $31.35 and a fifty-two week high of $48.06.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.01). The company had revenue of $143.82 million for the quarter, compared to analyst estimates of $143.24 million. Columbia Banking System had a return on equity of 8.66% and a net margin of 25.35%. Equities analysts anticipate that Columbia Banking System will post 2.54 EPS for the current year.

In other news, EVP David C. Lawson sold 1,813 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $41.88, for a total value of $75,928.44. Following the transaction, the executive vice president now owns 15,460 shares of the company’s stock, valued at approximately $647,464.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.23% of the company’s stock.

Several institutional investors have recently made changes to their positions in COLB. BlackRock Inc. raised its holdings in shares of Columbia Banking System by 3.8% in the 3rd quarter. BlackRock Inc. now owns 10,518,708 shares of the financial services provider’s stock valued at $407,811,000 after buying an additional 381,970 shares during the period. Northern Trust Corp raised its holdings in shares of Columbia Banking System by 1.4% in the 2nd quarter. Northern Trust Corp now owns 1,449,181 shares of the financial services provider’s stock valued at $59,271,000 after buying an additional 20,630 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Columbia Banking System by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,035,848 shares of the financial services provider’s stock valued at $40,160,000 after buying an additional 15,511 shares during the period. Principal Financial Group Inc. raised its holdings in shares of 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 valued at $27,070,000 after buying an additional 16,111 shares during the period. Finally, Boston Partners raised its holdings in shares of Columbia Banking System by 2.3% in the 2nd quarter. Boston Partners now owns 510,513 shares of the financial services provider’s stock valued at $20,880,000 after buying an additional 11,260 shares during the period. 89.83% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Cost of Capital

Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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