Columbia Banking System (COLB) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a research report released on Tuesday morning.

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. “

Several other brokerages have also recently weighed in on COLB. BidaskClub cut shares of Columbia Banking System from a hold rating to a sell rating in a research report on Wednesday, August 1st. 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. Columbia Banking System currently has an average rating of Hold and a consensus price target of $48.20.

Shares of Columbia Banking System stock traded down $0.87 on Tuesday, hitting $36.75. 473,991 shares of the company traded hands, compared to its average volume of 282,145. The stock has a market cap of $2.84 billion, a P/E ratio of 16.78, a PEG ratio of 1.55 and a beta of 1.09. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.83. Columbia Banking System has a 52 week low of $35.85 and a 52 week high of $48.06.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.04). The company 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 quarter in the previous year, the business earned $0.47 EPS. As a group, equities analysts expect that Columbia Banking System will post 2.5 EPS for the current year.

In related news, EVP David C. Lawson sold 1,813 shares of the business’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $41.88, for a total value of $75,928.44. Following the sale, 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 at the SEC website. Insiders own 1.06% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in COLB. BlackRock Inc. increased its position in Columbia Banking System by 7.0% in the second quarter. BlackRock Inc. now owns 10,136,738 shares of the financial services provider’s stock worth $414,593,000 after purchasing an additional 661,781 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in 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 acquiring an additional 405,659 shares during the last quarter. OppenheimerFunds Inc. increased its position in Columbia Banking System by 4,223.4% during the first quarter. OppenheimerFunds Inc. now owns 364,807 shares of the financial services provider’s stock valued at $15,304,000 after acquiring an additional 356,369 shares during the last quarter. JPMorgan Chase & Co. increased its position in 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 acquiring an additional 139,938 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its position in Columbia Banking System by 48.8% during the second quarter. Eagle Asset Management Inc. now owns 407,967 shares of the financial services provider’s stock valued at $16,685,000 after acquiring an additional 133,704 shares during the last quarter. 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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