UBS Group Reiterates Neutral Rating for Columbia Banking System (NASDAQ:COLB)

Key Points

• UBS reiterated a "neutral" rating on Columbia Banking System (NASDAQ:COLB) and lowered its price target to $30 (from $33), implying about a 7.8% upside from the prior close.
• Columbia beat expectations last quarter with EPS of $0.82 (vs. $0.72 est.) and revenue of $715M, while the stock trades near $27.84 with a PE of 12.32 and a market cap of roughly $8.07B.
• MarketBeat shows a consensus "Hold" rating with an average target of $31.65; institutional investors own ~92.5% of shares, and insiders sold about 19,354 shares in the last quarter.

Columbia Banking System (NASDAQ:COLB - Get Free Report)'s stock had its "neutral" rating restated by analysts at UBS Group in a research report issued on Tuesday,Benzinga reports. They presently have a $30.00 target price on the financial services provider's stock, down from their prior target price of $33.00. UBS Group's target price would suggest a potential upside of 7.77% from the company's previous close.

COLB has been the subject of several other research reports. Wall Street Zen raised Columbia Banking System from a "hold" rating to a "buy" rating in a research note on Saturday, March 14th. Wells Fargo & Company boosted their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday, March 30th. DA Davidson raised their price target on shares of Columbia Banking System from $30.00 to $32.50 and gave the company a "neutral" rating in a research note on Friday, January 23rd. Citigroup lifted their price target on shares of Columbia Banking System from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Tuesday, February 24th. Finally, Barclays lifted their target price on shares of Columbia Banking System from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $31.65.

Columbia Banking System Stock Down 0.7%

Shares of NASDAQ COLB opened at $27.84 on Tuesday. The business's 50 day moving average price is $28.89 and its two-hundred day moving average price is $27.90. The company has a market cap of $8.07 billion, a PE ratio of 12.32 and a beta of 0.61. Columbia Banking System has a twelve month low of $19.61 and a twelve month high of $32.70.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.10. Columbia Banking System had a return on equity of 11.40% and a net margin of 17.11%.The company had revenue of $715.00 million during the quarter, compared to analysts' expectations of $693.23 million. During the same quarter in the previous year, the company posted $0.71 earnings per share. As a group, research analysts anticipate that Columbia Banking System will post 2.71 EPS for the current fiscal year.

Insider Buying and Selling at Columbia Banking System

In other Columbia Banking System news, VP Torran B. Nixon sold 2,240 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $28.85, for a total value of $64,624.00. Following the completion of the transaction, the vice president directly owned 98,229 shares in the company, valued at approximately $2,833,906.65. This represents a 2.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven R. Gardner sold 13,725 shares of Columbia Banking System stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $29.43, for a total value of $403,926.75. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 19,354 shares of company stock worth $561,971. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Columbia Banking System

Several institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its stake in Columbia Banking System by 35.4% in the 1st quarter. AQR Capital Management LLC now owns 56,675 shares of the financial services provider's stock worth $1,402,000 after purchasing an additional 14,824 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Columbia Banking System by 23.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,719 shares of the financial services provider's stock valued at $2,063,000 after purchasing an additional 15,845 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Columbia Banking System by 572.7% in the first quarter. Millennium Management LLC now owns 484,730 shares of the financial services provider's stock worth $12,089,000 after purchasing an additional 412,674 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Columbia Banking System by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 492,775 shares of the financial services provider's stock worth $12,290,000 after buying an additional 108,994 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Columbia Banking System by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 887,267 shares of the financial services provider's stock valued at $22,128,000 after buying an additional 16,165 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other 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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