Columbia Banking System (NASDAQ:COLB) Raised to “Hold” at Zacks Research

Columbia Banking System (NASDAQ:COLB) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

Several other equities research analysts have also recently commented on COLB. Royal Bank Of Canada boosted their target price on Columbia Banking System from $34.00 to $35.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. Fundamental Research set a $35.00 price target on Columbia Banking System in a research note on Wednesday, July 1st. DA Davidson upgraded Columbia Banking System from a “neutral” rating to a “buy” rating and lifted their price target for the company from $33.00 to $36.00 in a research report on Tuesday. Keefe, Bruyette & Woods boosted their price objective on Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Finally, Stephens upped their price objective on Columbia Banking System from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Columbia Banking System has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Columbia Banking System Stock Down 1.1%

COLB stock opened at $29.32 on Monday. The company has a market capitalization of $8.29 billion, a P/E ratio of 11.68, a PEG ratio of 2.94 and a beta of 0.62. The company has a 50-day simple moving average of $31.64 and a 200 day simple moving average of $29.99. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67.

Columbia Banking System (NASDAQ:COLB) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $677.00 million for the quarter, compared to analysts’ expectations of $687.40 million. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. During the same quarter last year, the company earned $0.76 EPS. Equities analysts anticipate that Columbia Banking System will post 3.03 EPS for the current year.

Insider Activity

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the transaction, the chief marketing officer owned 18,636 shares of the company’s stock, valued at approximately $554,793.72. This represents a 17.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Columbia Banking System

A number of hedge funds have recently modified their holdings of COLB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Columbia Banking System during the second quarter valued at $29,000. Geneos Wealth Management Inc. boosted its position in shares of Columbia Banking System by 194.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 794 shares during the period. Cedar Mountain Advisors LLC increased its stake in Columbia Banking System by 571.7% in the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 949 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Columbia Banking System during the 2nd quarter worth about $31,000. Finally, Horizon Investments LLC lifted its stake in Columbia Banking System by 168.8% during the fourth quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after buying an additional 773 shares in the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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.