Zacks Investment Research upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a buy rating in a research report sent to investors on Monday, January 8th. Zacks Investment Research currently has $50.00 price objective on the financial services provider’s stock.
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. “
COLB has been the topic of a number of other reports. DA Davidson reissued a buy rating and issued a $48.00 price objective (up from $45.00) on shares of Columbia Banking System in a research note on Tuesday, October 17th. BidaskClub cut shares of Columbia Banking System from a hold rating to a sell rating in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $48.00.
Shares of Columbia Banking System (NASDAQ COLB) opened at $43.41 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.02. The stock has a market cap of $3,183.67, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 1.56 and a beta of 1.11. Columbia Banking System has a 1 year low of $35.67 and a 1 year high of $48.06.
Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $135.15 million. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The firm’s quarterly revenue was up 25.3% on a year-over-year basis. sell-side analysts anticipate that Columbia Banking System will post 2.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 21st. Stockholders of record on Wednesday, February 7th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.03%. Columbia Banking System’s dividend payout ratio (DPR) is presently 46.32%.
In related news, CAO Barry Ray sold 750 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $46.87, for a total value of $35,152.50. Following the transaction, the chief accounting officer now owns 11,250 shares in the company, valued at $527,287.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.23% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC bought a new stake in shares of Columbia Banking System during the second quarter worth about $44,762,000. Wedge Capital Management L L P NC bought a new stake in shares of Columbia Banking System during the fourth quarter worth about $12,128,000. Franklin Resources Inc. increased its position in shares of Columbia Banking System by 11.2% during the second quarter. Franklin Resources Inc. now owns 2,708,796 shares of the financial services provider’s stock worth $107,946,000 after acquiring an additional 273,200 shares in the last quarter. Eaton Vance Management bought a new stake in shares of Columbia Banking System during the second quarter worth about $9,813,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Columbia Banking System during the fourth quarter worth about $9,700,000. Hedge funds and other institutional investors own 76.78% of the company’s stock.
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About Columbia Banking System
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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