BidaskClub Downgrades Columbia Banking System (NASDAQ:COLB) to Hold

BidaskClub cut shares of Columbia Banking System (NASDAQ:COLB) from a buy rating to a hold rating in a report issued on Tuesday, BidAskClub reports.

A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Columbia Banking System from a hold rating to a sell rating in a research note on Monday, October 7th. Royal Bank of Canada set a $38.00 price target on shares of Columbia Banking System and gave the company a hold rating in a research note on Friday, July 26th. ValuEngine upgraded shares of Columbia Banking System from a sell rating to a hold rating in a research note on Wednesday, July 31st. Finally, Stephens restated a hold rating and issued a $37.00 price target on shares of Columbia Banking System in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $41.43.

COLB opened at $36.09 on Tuesday. The company’s 50 day moving average is $35.76 and its 200-day moving average is $35.46. Columbia Banking System has a 1-year low of $30.65 and a 1-year high of $41.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.63 billion, a P/E ratio of 14.61, a PEG ratio of 1.99 and a beta of 1.10.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Columbia Banking System had a net margin of 30.92% and a return on equity of 9.20%. The company had revenue of $150.76 million for the quarter, compared to the consensus estimate of $147.22 million. During the same period last year, the company posted $0.57 EPS. On average, equities analysts forecast that Columbia Banking System will post 2.54 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its holdings in Columbia Banking System by 13.4% in the 2nd quarter. First Trust Advisors LP now owns 100,356 shares of the financial services provider’s stock valued at $3,631,000 after buying an additional 11,843 shares during the last quarter. Comerica Bank raised its holdings in Columbia Banking System by 2.1% in the 2nd quarter. Comerica Bank now owns 120,822 shares of the financial services provider’s stock valued at $4,248,000 after buying an additional 2,451 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Columbia Banking System by 1.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,873 shares of the financial services provider’s stock valued at $1,045,000 after buying an additional 500 shares during the last quarter. Northern Trust Corp raised its holdings in Columbia Banking System by 0.4% during the 2nd quarter. Northern Trust Corp now owns 1,441,014 shares of the financial services provider’s stock worth $52,137,000 after purchasing an additional 6,244 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Columbia Banking System by 6.7% during the 1st quarter. New York State Common Retirement Fund now owns 104,146 shares of the financial services provider’s stock worth $3,405,000 after purchasing an additional 6,545 shares during the last quarter. Institutional investors and hedge funds own 89.43% 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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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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