Columbia Banking System (NASDAQ:COLB) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Thursday, October 19th. Royal Bank of Canada reissued a “hold” rating and issued a $42.00 price target on shares of Columbia Banking System in a research note on Friday, September 8th. Finally, DA Davidson reissued a “buy” rating and issued a $48.00 price target (up previously from $45.00) on shares of Columbia Banking System in a research note on Tuesday, October 17th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $45.60.
Columbia Banking System (NASDAQ COLB) opened at $44.05 on Tuesday. The stock has a market capitalization of $2,570.00, a PE ratio of 20.27, a P/E/G ratio of 2.03 and a beta of 1.24. Columbia Banking System has a fifty-two week low of $35.67 and a fifty-two week high of $48.06.
Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.18. The firm had revenue of $126.00 million for the quarter, compared to analysts’ expectations of $119.16 million. Columbia Banking System had a return on equity of 9.93% and a net margin of 27.72%. Columbia Banking System’s revenue was up 16.9% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. research analysts predict that Columbia Banking System will post 2.2 EPS for the current fiscal year.
In related news, CAO Barry Ray sold 750 shares of Columbia Banking System stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $46.87, for a total value of $35,152.50. Following the transaction, the chief accounting officer now owns 11,250 shares of the company’s stock, valued at approximately $527,287.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.23% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in COLB. Janus Henderson Group PLC purchased a new position in Columbia Banking System during the 2nd quarter valued at about $44,762,000. Neuberger Berman Group LLC grew its stake in Columbia Banking System by 44.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,884,233 shares of the financial services provider’s stock valued at $75,087,000 after acquiring an additional 581,814 shares in the last quarter. Franklin Resources Inc. grew its stake in Columbia Banking System by 11.2% during the 2nd quarter. Franklin Resources Inc. now owns 2,708,796 shares of the financial services provider’s stock valued at $107,946,000 after acquiring an additional 273,200 shares in the last quarter. Eaton Vance Management purchased a new position in Columbia Banking System during the 2nd quarter valued at about $9,813,000. Finally, Northern Trust Corp grew its stake in Columbia Banking System by 15.7% during the 2nd quarter. Northern Trust Corp now owns 1,242,536 shares of the financial services provider’s stock valued at $49,515,000 after acquiring an additional 169,018 shares in the last quarter. 76.61% of the stock is currently owned by institutional investors.
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About Columbia Banking System
Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.
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