Columbia Banking System, Inc. (NASDAQ:COLB) Earns “Buy” Rating from DA Davidson

Columbia Banking System, Inc. (NASDAQ:COLB)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a report released on Tuesday, October 17th, The Fly reports. They currently have a $48.00 price objective on the financial services provider’s stock, up from their prior price objective of $45.00. DA Davidson’s price target would suggest a potential upside of 8.65% from the stock’s current price. DA Davidson also issued estimates for Columbia Banking System’s Q3 2017 earnings at $0.52 EPS, Q4 2017 earnings at $0.52 EPS, FY2017 earnings at $2.02 EPS, Q1 2018 earnings at $0.54 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.57 EPS, Q4 2018 earnings at $0.57 EPS, FY2018 earnings at $2.25 EPS and FY2019 earnings at $2.50 EPS.

Other equities analysts also recently issued research reports about the company. Zacks Investment Research upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. BidaskClub downgraded Columbia Banking System from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Piper Jaffray Companies upgraded Columbia Banking System from a “neutral” rating to an “overweight” rating and increased their price target for the company from $43.00 to $46.00 in a report on Monday, July 31st. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $42.00 price objective on shares of Columbia Banking System in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $45.60.

Columbia Banking System (NASDAQ COLB) traded up $0.02 during mid-day trading on Tuesday, reaching $44.24. The company had a trading volume of 199,707 shares, compared to its average volume of 480,040. The company has a market cap of $3,228.89, a PE ratio of 20.10, a PEG ratio of 2.06 and a beta of 1.24. Columbia Banking System has a fifty-two week low of $31.90 and a fifty-two week high of $45.68.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. The firm had revenue of $126.00 million for the quarter, compared to analysts’ expectations of $119.16 million. Columbia Banking System had a net margin of 27.72% and a return on equity of 9.93%. The firm’s quarterly revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. research analysts forecast that Columbia Banking System will post 2.15 EPS for the current fiscal year.

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Several hedge funds have recently bought and sold shares of COLB. Flinton Capital Management LLC grew its holdings 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 valued at $133,000 after buying an additional 1,648 shares in the last quarter. D.A. Davidson & CO. raised its position in Columbia Banking System by 2.1% in the second quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 73 shares during the last quarter. Dubuque Bank & Trust Co. acquired a new stake in shares of Columbia Banking System in the second quarter valued at about $188,000. Teacher Retirement System of Texas acquired a new stake in shares of Columbia Banking System in the third quarter valued at about $202,000. Finally, Riverhead Capital Management LLC increased its stake in shares of Columbia Banking System by 102.4% in the second quarter. Riverhead Capital Management LLC now owns 5,262 shares of the financial services provider’s stock valued at $210,000 after buying an additional 2,662 shares during the period. 95.60% of the stock is currently owned by institutional investors and hedge funds.

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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