Columbia Banking System (NASDAQ:COLB) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a sell rating in a research report report published on Saturday, BidAskClub reports.

COLB has been the topic of several other reports. ValuEngine raised shares of Columbia Banking System from a sell rating to a hold rating in a research note on Tuesday, October 29th. Stephens reissued a hold rating and set a $38.00 target price on shares of Columbia Banking System in a research note on Thursday, October 24th. Zacks Investment Research raised shares of Columbia Banking System from a hold rating to a buy rating and set a $44.00 target price on the stock in a research note on Thursday, January 9th. Finally, Royal Bank of Canada set a $40.00 target price on shares of Columbia Banking System and gave the stock a hold rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $40.00.

Shares of NASDAQ COLB opened at $39.65 on Friday. The firm has a market cap of $2.82 billion, a PE ratio of 16.05 and a beta of 1.08. Columbia Banking System has a 12-month low of $30.65 and a 12-month high of $41.40. The company’s fifty day simple moving average is $39.92 and its 200 day simple moving average is $37.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.23.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.09. The business had revenue of $150.48 million for the quarter, compared to analyst estimates of $146.70 million. Columbia Banking System had a net margin of 31.02% and a return on equity of 9.21%. During the same period in the prior year, the firm earned $0.63 earnings per share. On average, equities analysts predict that Columbia Banking System will post 2.68 earnings per share for the current year.

In other Columbia Banking System news, EVP David C. Lawson sold 1,164 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $39.95, for a total value of $46,501.80. Following the transaction, the executive vice president now directly owns 16,544 shares of the company’s stock, valued at $660,932.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.92% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in COLB. Captrust Financial Advisors lifted its stake in shares of Columbia Banking System by 32.1% in the second quarter. Captrust Financial Advisors now owns 3,995 shares of the financial services provider’s stock valued at $145,000 after buying an additional 970 shares in the last quarter. Strs Ohio lifted its stake in shares of Columbia Banking System by 10.4% in the third quarter. Strs Ohio now owns 5,300 shares of the financial services provider’s stock valued at $195,000 after buying an additional 500 shares in the last quarter. D.A. Davidson & CO. bought a new position in shares of Columbia Banking System in the second quarter valued at $212,000. Scotia Capital Inc. lifted its stake in shares of Columbia Banking System by 8.7% in the second quarter. Scotia Capital Inc. now owns 8,879 shares of the financial services provider’s stock valued at $321,000 after buying an additional 713 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of Columbia Banking System in the third quarter valued at $362,000. 90.80% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

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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