Columbia Banking System (NASDAQ:COLB) Downgraded by BidaskClub to Sell

BidaskClub lowered shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a sell rating in a report issued on Friday morning, BidAskClub reports.

Several other research analysts have also recently commented on the company. TheStreet cut Columbia Banking System from a b- rating to a c+ rating in a research report on Friday, March 13th. Zacks Investment Research cut Columbia Banking System from a hold rating to a sell rating in a research report on Monday, April 27th. Royal Bank of Canada reissued a hold rating and set a $30.00 price target on shares of Columbia Banking System in a research report on Monday, April 13th. Finally, Piper Sandler started coverage on Columbia Banking System in a research report on Tuesday, June 16th. They issued a buy rating and a $35.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Columbia Banking System presently has an average rating of Hold and an average target price of $36.75.

Shares of Columbia Banking System stock opened at $27.70 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $1.89 billion, a P/E ratio of 12.31 and a beta of 0.97. Columbia Banking System has a 1 year low of $19.11 and a 1 year high of $41.40. The business has a 50-day moving average of $25.35 and a two-hundred day moving average of $31.58.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.24). The firm had revenue of $143.63 million for the quarter, compared to the consensus estimate of $143.80 million. Columbia Banking System had a return on equity of 7.53% and a net margin of 25.96%. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, equities analysts anticipate that Columbia Banking System will post 1.48 EPS for the current fiscal year.

In other news, Director Tom Hulbert purchased 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $21.97 per share, with a total value of $87,880.00. Following the acquisition, the director now owns 54,608 shares in the company, valued at approximately $1,199,737.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.62% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC lifted its holdings in Columbia Banking System by 1.4% during the 4th quarter. Mason Street Advisors LLC now owns 25,126 shares of the financial services provider’s stock worth $1,022,000 after purchasing an additional 359 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Columbia Banking System by 0.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 82,599 shares of the financial services provider’s stock worth $2,214,000 after acquiring an additional 562 shares during the period. Private Capital Group LLC increased its stake in Columbia Banking System by 49.8% during the 1st quarter. Private Capital Group LLC now owns 1,896 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 630 shares during the period. Deutsche Bank AG increased its stake in Columbia Banking System by 2.1% during the 1st quarter. Deutsche Bank AG now owns 31,348 shares of the financial services provider’s stock worth $840,000 after acquiring an additional 654 shares during the period. Finally, Amalgamated Bank increased its stake in Columbia Banking System by 6.9% during the 4th quarter. Amalgamated Bank now owns 12,115 shares of the financial services provider’s stock worth $493,000 after acquiring an additional 784 shares during the period. 92.07% of the stock is owned by institutional investors and hedge funds.

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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