Columbia Banking System (NASDAQ:COLB) Raised to Buy at Wall Street Zen

Columbia Banking System (NASDAQ:COLB) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently weighed in on COLB. JPMorgan Chase & Co. boosted their price target on Columbia Banking System from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Stephens lifted their target price on Columbia Banking System from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. UBS Group reissued a “neutral” rating and set a $33.00 target price on shares of Columbia Banking System in a report on Wednesday, February 4th. Keefe, Bruyette & Woods increased their price target on Columbia Banking System from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, Citigroup raised their price target on Columbia Banking System from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $32.04.

Columbia Banking System Price Performance

Shares of COLB opened at $26.23 on Friday. The firm has a 50-day moving average of $29.48 and a 200-day moving average of $27.83. Columbia Banking System has a one year low of $19.61 and a one year high of $32.70. The company has a market cap of $7.75 billion, a PE ratio of 11.61 and a beta of 0.60.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Columbia Banking System had a net margin of 17.11% and a return on equity of 11.40%. The company had revenue of $715.00 million for the quarter, compared to analysts’ expectations of $693.23 million. During the same period in the prior year, the firm earned $0.71 EPS. Analysts expect that Columbia Banking System will post 2.71 earnings per share for the current year.

Insiders Place Their Bets

In other Columbia Banking System news, VP Torran B. Nixon sold 2,241 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.25, for a total value of $63,308.25. Following the transaction, the vice president directly owned 100,469 shares of the company’s stock, valued at $2,838,249.25. This represents a 2.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Steven R. Gardner sold 13,725 shares of Columbia Banking System stock in a transaction on Friday, January 30th. The stock was sold at an average price of $29.43, for a total value of $403,926.75. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 18,206 shares of company stock worth $531,859. Insiders own 0.68% of the company’s stock.

Institutional Trading of Columbia Banking System

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Columbia Banking System by 41.3% in the third quarter. Vanguard Group Inc. now owns 29,851,392 shares of the financial services provider’s stock valued at $768,375,000 after buying an additional 8,730,937 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Columbia Banking System by 135.2% in the third quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after buying an additional 7,921,303 shares during the period. Dimensional Fund Advisors LP grew its position in Columbia Banking System by 68.1% during the third quarter. Dimensional Fund Advisors LP now owns 13,116,339 shares of the financial services provider’s stock worth $337,611,000 after buying an additional 5,313,883 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Columbia Banking System by 140.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock worth $242,237,000 after buying an additional 5,063,212 shares in the last quarter. Finally, HoldCo Asset Management LP bought a new position in Columbia Banking System during the 2nd quarter worth $104,819,000. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.