DA Davidson Upgrades Columbia Banking System (NASDAQ:COLB) to Buy

DA Davidson upgraded shares of Columbia Banking System (NASDAQ:COLB) from a neutral rating to a buy rating in a research note issued to investors on Wednesday, PriceTargets.com reports. DA Davidson currently has $41.00 target price on the financial services provider’s stock, up from their prior target price of $39.00.

Several other research firms have also recently issued reports on COLB. Raymond James raised shares of Columbia Banking System from a market perform rating to an outperform rating and set a $43.00 target price on the stock in a research report on Thursday, October 7th. Zacks Investment Research cut shares of Columbia Banking System from a buy rating to a hold rating in a research report on Monday. Royal Bank of Canada decreased their target price on shares of Columbia Banking System from $42.00 to $38.00 and set a sector perform rating on the stock in a research report on Wednesday. Finally, Stephens decreased their target price on shares of Columbia Banking System from $40.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Columbia Banking System presently has an average rating of Hold and a consensus target price of $40.57.

NASDAQ:COLB opened at $34.42 on Wednesday. The firm has a 50-day moving average price of $36.33 and a two-hundred day moving average price of $39.11. Columbia Banking System has a twelve month low of $24.91 and a twelve month high of $50.68. The company has a market capitalization of $2.47 billion, a P/E ratio of 11.67 and a beta of 0.90.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Wednesday, July 28th. The financial services provider reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.12. The business had revenue of $146.21 million during the quarter, compared to the consensus estimate of $145.35 million. Columbia Banking System had a net margin of 34.64% and a return on equity of 9.07%. As a group, sell-side analysts predict that Columbia Banking System will post 2.75 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 27th. Stockholders of record on Tuesday, October 12th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, October 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.49%. Columbia Banking System’s payout ratio is currently 51.61%.

Several hedge funds and other institutional investors have recently bought and sold shares of COLB. Harvest Fund Management Co. Ltd acquired a new position in shares of Columbia Banking System during the first quarter worth $27,000. FORA Capital LLC bought a new stake in shares of Columbia Banking System in the first quarter worth $38,000. Eaton Vance Management bought a new stake in shares of Columbia Banking System in the first quarter worth $42,000. Financial Insights Inc. bought a new stake in shares of Columbia Banking System in the second quarter worth $73,000. Finally, Capital Analysts LLC increased its stake in shares of Columbia Banking System by 602.8% in the second quarter. Capital Analysts LLC now owns 3,528 shares of the financial services provider’s stock worth $136,000 after buying an additional 3,026 shares during the last quarter. 90.17% of the stock is currently owned by institutional investors and hedge funds.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company, which engages in the provision of financial services. It specializes in personal, business, and wealth management. It offers checking and savings accounts; debit and credit cards; digital banking; personal loans; home loans; foreign currency; professional banking; treasury management; merchant card services; international banking; financial services; private banking; and trust and investment services.

Further Reading: What is the Gross Domestic Product (GDP)?

Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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