Columbia Banking System (COLB) Earns Buy Rating from Piper Jaffray Companies

Columbia Banking System (NASDAQ:COLB)‘s stock had its “buy” rating reiterated by stock analysts at Piper Jaffray Companies in a research note issued to investors on Tuesday. They currently have a $53.00 target price on the financial services provider’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 20.67% from the company’s current price.

COLB has been the topic of a number of other reports. Zacks Investment Research upgraded Columbia Banking System from a “sell” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Monday. DA Davidson reaffirmed a “buy” rating and issued a $48.00 target price (up previously from $45.00) on shares of Columbia Banking System in a research report on Tuesday, October 17th. Finally, BidaskClub downgraded Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $47.40.

Shares of Columbia Banking System (NASDAQ COLB) opened at $43.92 on Tuesday. The company has a market capitalization of $2,570.00, a PE ratio of 20.05, a PEG ratio of 1.84 and a beta of 1.25. Columbia Banking System has a twelve month low of $35.67 and a twelve month high of $48.06.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $126.00 million for the quarter, compared to analyst estimates of $119.16 million. Columbia Banking System had a return on equity of 9.93% and a net margin of 27.72%. The company’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 earnings per share. equities analysts forecast that Columbia Banking System will post 2.2 EPS for the current fiscal year.

In related 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 value of $35,152.50. Following the sale, the chief accounting officer now owns 11,250 shares of the company’s stock, valued at $527,287.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.23% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in COLB. Schwab Charles Investment Management Inc. increased its position in Columbia Banking System by 9.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 385,882 shares of the financial services provider’s stock worth $15,378,000 after buying an additional 32,278 shares during the last quarter. Legal & General Group Plc increased its position in Columbia Banking System by 9.1% during the second quarter. Legal & General Group Plc now owns 112,077 shares of the financial services provider’s stock worth $4,467,000 after buying an additional 9,386 shares during the last quarter. Federated Investors Inc. PA increased its position in Columbia Banking System by 1.7% during the second quarter. Federated Investors Inc. PA now owns 43,099 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 739 shares during the last quarter. Principal Financial Group Inc. increased its position in Columbia Banking System by 13.6% during the second quarter. Principal Financial Group Inc. now owns 545,824 shares of the financial services provider’s stock worth $21,751,000 after buying an additional 65,278 shares during the last quarter. Finally, Swiss National Bank increased its position in Columbia Banking System by 2.3% during the second quarter. Swiss National Bank now owns 97,624 shares of the financial services provider’s stock worth $3,890,000 after buying an additional 2,200 shares during the last quarter. 76.23% of the stock is currently owned by hedge funds and other institutional investors.

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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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