Sandler O’Neill upgraded shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a buy rating in a report issued on Monday, November 12th, MarketBeat Ratings reports. The brokerage currently has $43.00 target price on the financial services provider’s stock.
Several other brokerages have also weighed in on COLB. BidaskClub lowered shares of Columbia Banking System from a hold rating to a sell rating in a research note on Thursday, September 13th. Keefe, Bruyette & Woods raised shares of Columbia Banking System from a market perform rating to an outperform rating and set a $45.00 price objective for the company in a research note on Thursday, November 8th. Zacks Investment Research raised shares of Columbia Banking System from a sell rating to a hold rating in a research note on Tuesday, October 9th. Finally, ValuEngine downgraded shares of Columbia Banking System from a hold rating to a sell rating in a research note on Thursday, September 27th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $44.67.
COLB traded down $2.65 during midday trading on Monday, hitting $38.24. 327,349 shares of the company traded hands, compared to its average volume of 249,286. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.31 and a beta of 1.04. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. Columbia Banking System has a 52-week low of $31.35 and a 52-week high of $47.92.
Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, October 25th. The financial services provider reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.01). Columbia Banking System had a net margin of 25.35% and a return on equity of 8.66%. The business had revenue of $143.82 million during the quarter, compared to analyst estimates of $143.24 million. On average, research analysts forecast that Columbia Banking System will post 2.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, November 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.72%. Columbia Banking System’s payout ratio is 47.49%.
In other Columbia Banking System news, EVP Andy Mcdonald sold 3,074 shares of the business’s stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $38.33, for a total value of $117,826.42. Following the transaction, the executive vice president now directly owns 35,589 shares of the company’s stock, valued at approximately $1,364,126.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.06% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of COLB. Sowell Financial Services LLC purchased a new stake in shares of Columbia Banking System during the 3rd quarter worth $229,000. Cpwm LLC purchased a new stake in shares of Columbia Banking System during the 3rd quarter worth $240,000. Glenmede Trust Co. NA boosted its position in shares of Columbia Banking System by 53.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 8,233 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 2,873 shares in the last quarter. Laurion Capital Management LP purchased a new stake in shares of Columbia Banking System during the 2nd quarter worth $419,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Columbia Banking System during the 3rd quarter worth $429,000. Institutional investors own 88.84% of the company’s stock.
Columbia Banking System Company Profile
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.
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