Columbia Banking System (NASDAQ:COLB) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Columbia Banking System from “strong sell” to “hold.” The stock has a consensus “Moderate Buy” rating, with an average analyst price target of $33.62.
• Shares opened at $29.32, down 1.1%, while the company reported quarterly EPS of $0.76—beating estimates of $0.73—on revenue of $677 million, below expectations of $687.4 million.
• Institutional investors own 92.53% of Columbia Banking System’s shares, while corporate insiders own 0.57%; one chief marketing officer recently sold 3,872 shares for approximately $115,269.

Columbia Banking System (NASDAQ:COLB - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Other research analysts have also recently issued research reports about the company. Stephens boosted their price objective on Columbia Banking System from $35.00 to $36.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Barclays dropped their target price on Columbia Banking System from $31.00 to $30.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd. JPMorgan Chase & Co. upped their price target on Columbia Banking System from $31.00 to $35.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. DA Davidson upgraded shares of Columbia Banking System from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $33.00 to $36.00 in a research note on Tuesday. Finally, Fundamental Research set a $35.00 target price on shares of Columbia Banking System in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.62.

Columbia Banking System Stock Down 1.1%

Shares of COLB stock opened at $29.32 on Monday. Columbia Banking System has a fifty-two week low of $23.83 and a fifty-two week high of $33.67. The firm's 50 day moving average price is $31.64 and its two-hundred day moving average price is $29.99. The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 2.94 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The company had revenue of $677.00 million during the quarter, compared to analyst estimates of $687.40 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. On average, equities analysts forecast that Columbia Banking System will post 3.03 EPS for the current fiscal year.

Insider Transactions at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares of the company's stock, valued at approximately $554,793.72. The trade was a 17.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Columbia Banking System

Large investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Columbia Banking System in the second quarter valued at $29,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Columbia Banking System in the 2nd quarter worth about $31,000. Cedar Mountain Advisors LLC boosted its stake in Columbia Banking System by 571.7% during the 1st quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 949 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Columbia Banking System by 194.6% in the first 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. Finally, Horizon Investments LLC raised its holdings in shares of 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 during the last quarter. Institutional investors own 92.53% of the company's stock.

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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