Columbia Banking System (COLB) Lifted to Hold at BidaskClub

BidaskClub upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a research note released on Thursday morning.

COLB has been the topic of several other research reports. Zacks Investment Research upgraded Columbia Banking System from a sell rating to a buy rating and set a $50.00 target price on the stock in a report on Monday, January 8th. DA Davidson reiterated a buy rating and set a $48.00 target price (up previously from $45.00) on shares of Columbia Banking System in a report on Tuesday, October 17th. Finally, Piper Jaffray Companies reiterated a buy rating and set a $53.00 target price on shares of Columbia Banking System in a report on Tuesday, January 9th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $47.40.

Shares of Columbia Banking System (COLB) traded up $0.43 during trading on Thursday, hitting $46.02. The stock had a trading volume of 219,600 shares, compared to its average volume of 261,978. The company has a market capitalization of $3,360.32, a price-to-earnings ratio of 20.92, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. Columbia Banking System has a 12 month low of $35.67 and a 12 month high of $48.06.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. Columbia Banking System had a return on equity of 9.93% and a net margin of 27.72%. The company 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 posted $0.47 earnings per share. The company’s quarterly revenue was up 16.9% compared to the same quarter last year. equities analysts forecast that Columbia Banking System will post 2.2 earnings per share for the current year.

In related news, CAO Barry Ray sold 750 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $46.87, for a total transaction of $35,152.50. Following the sale, the chief accounting officer now owns 11,250 shares in the company, valued at $527,287.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.23% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Copper Rock Capital Partners LLC increased its position in Columbia Banking System by 3.6% during the fourth quarter. Copper Rock Capital Partners LLC now owns 926,341 shares of the financial services provider’s stock worth $40,796,000 after buying an additional 32,124 shares during the last quarter. Cetera Investment Advisers acquired a new position in Columbia Banking System during the third quarter worth approximately $584,000. Yellowstone Partners LLC acquired a new position in Columbia Banking System during the third quarter worth approximately $224,000. Sterling Capital Management LLC increased its position in Columbia Banking System by 15.8% during the third quarter. Sterling Capital Management LLC now owns 42,637 shares of the financial services provider’s stock worth $1,795,000 after buying an additional 5,811 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its position in Columbia Banking System by 4.3% during the third quarter. Neuberger Berman Group LLC now owns 1,964,964 shares of the financial services provider’s stock worth $82,745,000 after buying an additional 80,731 shares during the last quarter. 76.62% of the stock is currently owned by hedge funds and other institutional investors.

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About Columbia Banking System

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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