Columbia Banking System (NASDAQ:COLB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Columbia Banking System (NASDAQ:COLB) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

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. “

Other equities research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Zebra Technologies from a hold rating to a sell rating in a report on Friday, May 24th. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, DA Davidson initiated coverage on shares of Casa Systems in a report on Monday, March 18th. They issued a buy rating and a $12.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $42.33.

COLB stock opened at $36.38 on Wednesday. Columbia Banking System has a 1 year low of $30.65 and a 1 year high of $43.60. The company has a market capitalization of $2.66 billion, a P/E ratio of 14.60, a P/E/G ratio of 2.03 and a beta of 1.08. The business has a 50-day moving average of $35.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.01. The business had revenue of $142.72 million for the quarter, compared to analysts’ expectations of $147.05 million. Columbia Banking System had a net margin of 30.12% and a return on equity of 9.01%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.55 earnings per share. As a group, equities research analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

In other Columbia Banking System news, EVP Andy Mcdonald sold 3,481 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $35.06, for a total value of $122,043.86. Following the sale, the executive vice president now owns 36,264 shares in the company, valued at $1,271,415.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in shares of Columbia Banking System by 5.6% during the first quarter. BlackRock Inc. now owns 10,764,048 shares of the financial services provider’s stock valued at $351,877,000 after buying an additional 574,267 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Columbia Banking System by 7.7% during the first quarter. Neuberger Berman Group LLC now owns 3,280,960 shares of the financial services provider’s stock valued at $107,255,000 after buying an additional 234,635 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Columbia Banking System by 40.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,452,449 shares of the financial services provider’s stock valued at $52,709,000 after buying an additional 416,601 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Columbia Banking System by 1.0% during the fourth quarter. Northern Trust Corp now owns 1,410,597 shares of the financial services provider’s stock valued at $51,191,000 after buying an additional 13,879 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in shares of Columbia Banking System by 43.9% during the first quarter. Westwood Holdings Group Inc. now owns 964,556 shares of the financial services provider’s stock valued at $31,531,000 after buying an additional 294,156 shares during the last quarter. Institutional investors and hedge funds own 89.91% 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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