Columbia Banking System, Inc. (NASDAQ:COLB) Stock Rating Lowered by Zacks Investment Research

Columbia Banking System, Inc. (NASDAQ:COLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, August 1st.

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. “

A number of other equities research analysts have also recently weighed in on COLB. Piper Jaffray Companies raised shares of Columbia Banking System from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $43.00 to $46.00 in a research report on Monday, July 31st. Royal Bank Of Canada reissued a “hold” rating and issued a $42.00 price target on shares of Columbia Banking System in a research report on Friday, July 28th. BidaskClub cut shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price target on shares of Columbia Banking System in a research report on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $44.40.

Shares of Columbia Banking System (COLB) traded up 0.16% during trading on Tuesday, hitting $36.66. The stock had a trading volume of 584,200 shares. Columbia Banking System has a one year low of $31.60 and a one year high of $45.68. The stock has a market cap of $2.14 billion, a P/E ratio of 18.62 and a beta of 1.22. The stock’s 50 day moving average price is $39.07 and its 200-day moving average price is $39.14.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by $0.01. Columbia Banking System had a net margin of 25.82% and a return on equity of 8.99%. The company had revenue of $110.30 million during the quarter, compared to analysts’ expectations of $112.27 million. During the same period last year, the firm earned $0.44 earnings per share. Analysts expect that Columbia Banking System will post $2.03 earnings per share for the current fiscal year.

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In other Columbia Banking System news, CFO Clint Stein sold 8,000 shares of Columbia Banking System stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $40.09, for a total value of $320,720.00. Following the transaction, the chief financial officer now directly owns 22,877 shares in the company, valued at $917,138.93. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.23% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of COLB. Raymond James Financial Services Advisors Inc. raised its position in Columbia Banking System by 0.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 5,602 shares of the financial services provider’s stock worth $218,000 after buying an additional 46 shares in the last quarter. D.A. Davidson & CO. raised its position in Columbia Banking System by 2.1% in the second quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock worth $144,000 after buying an additional 73 shares in the last quarter. Amalgamated Bank raised its position in Columbia Banking System by 1.1% in the second quarter. Amalgamated Bank now owns 7,945 shares of the financial services provider’s stock worth $317,000 after buying an additional 84 shares in the last quarter. 1st Global Advisors Inc. raised its position in Columbia Banking System by 1.4% in the first quarter. 1st Global Advisors Inc. now owns 6,179 shares of the financial services provider’s stock worth $241,000 after buying an additional 85 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its position in Columbia Banking System by 0.7% in the first quarter. Municipal Employees Retirement System of Michigan now owns 13,260 shares of the financial services provider’s stock worth $517,000 after buying an additional 90 shares in the last quarter. Institutional investors own 95.91% of the company’s stock.

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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