Columbia Banking System (COLB) Rating Increased to Hold at Zacks Investment Research

Columbia Banking System (NASDAQ:COLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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 analysts have also recently issued research reports about the stock. BidaskClub cut shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Wednesday, June 13th. ValuEngine cut shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.20.



Shares of COLB opened at $38.13 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 1.55 and a beta of 1.09. Columbia Banking System has a 12 month low of $37.79 and a 12 month high of $48.06.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.04). The firm had revenue of $140.37 million for the quarter, compared to the consensus estimate of $143.03 million. Columbia Banking System had a net margin of 25.30% and a return on equity of 9.13%. During the same period last year, the company posted $0.47 EPS. As a group, sell-side analysts predict that Columbia Banking System will post 2.5 EPS for the current year.

In other news, EVP David C. Lawson sold 1,813 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $41.88, for a total transaction of $75,928.44. Following the transaction, the executive vice president now owns 15,460 shares in the company, valued at $647,464.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.06% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Columbia Banking System by 7.0% during the second quarter. BlackRock Inc. now owns 10,136,738 shares of the financial services provider’s stock valued at $414,593,000 after purchasing an additional 661,781 shares during the period. Northern Trust Corp raised its holdings in shares of Columbia Banking System by 1.4% during the second quarter. Northern Trust Corp now owns 1,449,181 shares of the financial services provider’s stock valued at $59,271,000 after purchasing an additional 20,630 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Columbia Banking System by 76.4% during the first quarter. The Manufacturers Life Insurance Company now owns 936,964 shares of the financial services provider’s stock valued at $39,305,000 after purchasing an additional 405,659 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Columbia Banking System by 2.6% during the first quarter. Principal Financial Group Inc. now owns 645,287 shares of the financial services provider’s stock valued at $27,070,000 after purchasing an additional 16,111 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Columbia Banking System by 36.6% during the first quarter. JPMorgan Chase & Co. now owns 522,681 shares of the financial services provider’s stock valued at $21,927,000 after purchasing an additional 139,938 shares during the period. Hedge funds and other institutional investors own 90.47% of the company’s stock.

About Columbia Banking System

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.

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