Royal Bank of Canada Reaffirms Hold Rating for Columbia Banking System (COLB)

Columbia Banking System (NASDAQ:COLB)‘s stock had its “hold” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued to investors on Friday, January 26th. They currently have a $46.00 price objective on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 10.42% from the stock’s current price.

A number of other analysts have also commented on COLB. BidaskClub lowered Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. DA Davidson reaffirmed a “buy” rating and issued a $48.00 target price (up from $45.00) on shares of Columbia Banking System in a research report on Tuesday, October 17th. Zacks Investment Research lowered Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $53.00 price target on shares of Columbia Banking System in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.00.

Columbia Banking System (NASDAQ COLB) opened at $41.66 on Friday. Columbia Banking System has a 12-month low of $35.67 and a 12-month high of $48.06. 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 capitalization of $3,031.79, a price-to-earnings ratio of 21.93, a P/E/G ratio of 1.48 and a beta of 1.11.

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 Thomson Reuters’ consensus estimate of $0.56 by ($0.02). Columbia Banking System had a return on equity of 9.14% and a net margin of 23.29%. The business had revenue of $135.40 million during the quarter, compared to the consensus estimate of $135.15 million. During the same period last year, the business posted $0.53 earnings per share. The business’s revenue was up 25.3% on a year-over-year basis. equities research analysts anticipate that Columbia Banking System will post 2.8 earnings per share for the current year.

In other Columbia Banking System news, CAO Barry Ray sold 750 shares of Columbia Banking System stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $46.87, for a total transaction of $35,152.50. Following the completion of the transaction, the chief accounting officer now owns 11,250 shares in the company, valued at approximately $527,287.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.23% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in COLB. BlackRock Inc. boosted its stake in shares of Columbia Banking System by 27.4% in the 4th quarter. BlackRock Inc. now owns 9,307,225 shares of the financial services provider’s stock worth $404,306,000 after buying an additional 2,002,968 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Columbia Banking System in the 2nd quarter worth approximately $44,762,000. The Manufacturers Life Insurance Company boosted its stake in shares of Columbia Banking System by 253.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 531,305 shares of the financial services provider’s stock worth $23,081,000 after buying an additional 380,844 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Columbia Banking System in the 4th quarter worth approximately $12,128,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Columbia Banking System in the 4th quarter worth approximately $9,700,000. Hedge funds and other institutional investors own 76.73% 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.

Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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