Columbia Banking System (NASDAQ:COLB) Stock Rating Upgraded by DA Davidson

Key Points

• DA Davidson upgraded Columbia Banking System from “neutral” to “buy” and raised its price target from $33 to $36, implying 21.46% upside from the prior close.
• Analyst sentiment remains mixed: MarketBeat reports an average rating of “Hold” and an average target price of $33.62, with ratings ranging from Strong Buy to Strong Sell.
• Columbia Banking System recently beat quarterly EPS estimates, reporting $0.76 versus the $0.73 consensus, though revenue of $677 million fell short of the $687.4 million estimate.

Columbia Banking System (NASDAQ:COLB - Get Free Report) was upgraded by investment analysts at DA Davidson from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a $36.00 price objective on the financial services provider's stock, up from their previous price objective of $33.00. DA Davidson's target price points to a potential upside of 21.46% from the stock's previous close.

Several other research firms have also recently issued reports on COLB. JPMorgan Chase & Co. upped their target price on shares of Columbia Banking System from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Royal Bank Of Canada lifted their price objective 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. Wells Fargo & Company increased their target price on Columbia Banking System from $32.00 to $34.00 and gave the company an "equal weight" rating in a report on Monday, August 10th. Barclays cut their price target on Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating for the company in a research note on Monday, August 3rd. Finally, Zacks Research lowered shares of Columbia Banking System from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Columbia Banking System has an average rating of "Hold" and an average target price of $33.62.

Columbia Banking System Stock Down 1.4%

Columbia Banking System stock opened at $29.64 on Tuesday. Columbia Banking System has a twelve month low of $23.83 and a twelve month high of $33.67. The company has a market capitalization of $8.39 billion, a P/E ratio of 11.81, a PEG ratio of 2.98 and a beta of 0.63. The stock's 50 day moving average is $31.68 and its 200 day moving average is $30.01.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $677.00 million during the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a return on equity of 11.33% and a net margin of 19.96%.During the same period last year, the company earned $0.76 earnings per share. As a group, equities analysts expect that Columbia Banking System will post 3.03 EPS for the current year.

Insider Activity at Columbia Banking System

In related news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This represents a 17.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.57% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quad Cities Investment Group LLC raised its holdings in shares of Columbia Banking System by 0.7% in the second quarter. Quad Cities Investment Group LLC now owns 45,802 shares of the financial services provider's stock valued at $1,468,000 after acquiring an additional 331 shares in the last quarter. Hilton Head Capital Partners LLC increased its position in shares of Columbia Banking System by 25.8% in the 1st quarter. Hilton Head Capital Partners LLC now owns 1,945 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 399 shares during the period. State of Michigan Retirement System raised its stake in Columbia Banking System by 0.6% in the 1st quarter. State of Michigan Retirement System now owns 71,041 shares of the financial services provider's stock worth $1,949,000 after acquiring an additional 400 shares during the last quarter. Kera Capital Partners Inc. lifted its position in Columbia Banking System by 5.7% during the 1st quarter. Kera Capital Partners Inc. now owns 7,894 shares of the financial services provider's stock worth $217,000 after acquiring an additional 425 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Columbia Banking System by 1.2% during the fourth quarter. Quadrant Capital Group LLC now owns 38,350 shares of the financial services provider's stock worth $1,072,000 after purchasing an additional 444 shares during the period. 92.53% of the stock is currently owned by institutional investors.

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.

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