Zacks Investment Research lowered shares of Columbia Banking System (NASDAQ:COLB) from a buy rating to a hold rating in a report published on Thursday morning.
According to Zacks, “Columbia Banking System, Inc. is a registered bank holding company whose wholly owned subsidiary, Columbia State Bank,conducts a full-service commercial banking business. Headquartered in Tacoma, Washington, the Company provides a full range of banking services to small and medium-sized businesses, professionals and other individuals through banking offices located in the Tacoma metropolitan area and contiguous parts of the Puget Sound region of Washington, as well as the Longview and Woodland communities in southwestern Washington. “
Several other equities research analysts have also recently weighed in on COLB. BidaskClub cut Columbia Banking System from a buy rating to a hold rating in a research report on Tuesday, December 12th. Piper Jaffray reissued a buy rating and issued a $53.00 price objective on shares of Columbia Banking System in a research report on Tuesday, January 9th. Royal Bank of Canada reissued a hold rating and issued a $46.00 price objective on shares of Columbia Banking System in a research report on Friday, January 26th. Finally, Sandler O’Neill reissued a hold rating and issued a $48.00 price objective on shares of Columbia Banking System in a research report on Friday, January 26th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $47.33.
Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). Columbia Banking System had a net margin of 23.29% and a return on equity of 9.14%. The business had revenue of $135.40 million during the quarter, compared to the consensus estimate of $135.15 million. During the same period in the prior year, the company posted $0.53 earnings per share. The firm’s revenue was up 25.3% compared to the same quarter last year. sell-side analysts anticipate that Columbia Banking System will post 2.8 earnings per share for the current fiscal year.
In other news, CFO Clint Stein sold 2,300 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $44.16, for a total value of $101,568.00. Following the completion of the sale, the chief financial officer now directly owns 26,610 shares of the company’s stock, valued at $1,175,097.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.23% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Xact Kapitalforvaltning AB bought a new position in Columbia Banking System in the fourth quarter worth $343,000. William Blair Investment Management LLC lifted its position in Columbia Banking System by 71.9% in the fourth quarter. William Blair Investment Management LLC now owns 85,992 shares of the financial services provider’s stock worth $3,735,000 after purchasing an additional 35,982 shares during the period. MetLife Investment Advisors LLC bought a new position in Columbia Banking System in the fourth quarter worth $1,425,000. Municipal Employees Retirement System of Michigan lifted its position in Columbia Banking System by 26.2% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 27,620 shares of the financial services provider’s stock worth $1,200,000 after purchasing an additional 5,730 shares during the period. Finally, HBK Sorce Advisory LLC bought a new position in Columbia Banking System in the fourth quarter worth $253,000. 88.03% of the stock is owned by hedge funds and other institutional investors.
Columbia Banking System Company Profile
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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