Columbia Banking System (NASDAQ:COLB) Raised to “Buy” at BidaskClub

Columbia Banking System (NASDAQ:COLB) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, May 8th, BidAskClub reports.

Other research analysts have also issued reports about the company. Stephens started coverage on Columbia Banking System in a report on Wednesday, March 6th. They issued an “equal weight” rating and a $39.00 price objective on the stock. Zacks Investment Research lowered Columbia Banking System from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. ValuEngine raised Columbia Banking System from a “sell” rating to a “hold” rating in a report on Saturday, May 4th. Finally, DA Davidson lowered Columbia Banking System from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $42.00 to $38.00 in a report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Columbia Banking System currently has a consensus rating of “Hold” and an average target price of $42.33.

Shares of Columbia Banking System stock traded down $0.77 on Wednesday, reaching $33.35. 349,100 shares of the company were exchanged, compared to its average volume of 361,036. Columbia Banking System has a one year low of $30.65 and a one year high of $44.73. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.19. The stock has a market cap of $2.57 billion, a P/E ratio of 13.50, a P/E/G ratio of 1.96 and a beta of 1.03.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Columbia Banking System had a return on equity of 9.01% and a net margin of 30.12%. The business had revenue of $142.72 million for the quarter, compared to analysts’ expectations of $147.05 million. During the same quarter in the prior year, the business earned $0.55 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts expect that Columbia Banking System will post 2.55 EPS for the current year.

A number of institutional investors have recently bought and sold shares of COLB. Oregon Public Employees Retirement Fund bought a new position in Columbia Banking System in the fourth quarter valued at about $28,000. Norges Bank bought a new position in shares of Columbia Banking System during the fourth quarter worth about $22,754,000. BlackRock Inc. raised its position in shares of Columbia Banking System by 5.6% during the first quarter. BlackRock Inc. now owns 10,764,048 shares of the financial services provider’s stock worth $351,877,000 after acquiring an additional 574,267 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Columbia Banking System by 40.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,452,449 shares of the financial services provider’s stock worth $52,709,000 after acquiring an additional 416,601 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in Columbia Banking System by 43.9% in the first quarter. Westwood Holdings Group Inc. now owns 964,556 shares of the financial services provider’s stock worth $31,531,000 after purchasing an additional 294,156 shares in the last quarter. Hedge funds and other institutional investors own 90.23% of the company’s stock.

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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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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