Columbia Banking System (COLB) Cut to “Hold” at BidaskClub

BidaskClub cut shares of Columbia Banking System (NASDAQ:COLB) from a buy rating to a hold rating in a research report report published on Friday morning, BidAskClub reports.

COLB has been the topic of several other reports. Zacks Investment Research upgraded Columbia Banking System from a sell rating to a hold rating in a research report on Thursday, May 2nd. ValuEngine lowered Columbia Banking System from a hold rating to a sell rating in a research report on Thursday, February 14th. Stephens assumed coverage on Columbia Banking System in a research report on Wednesday, March 6th. They set an equal weight rating and a $39.00 price objective on the stock. Finally, DA Davidson lowered Columbia Banking System from a buy rating to a neutral rating and reduced their price objective for the company from $42.00 to $38.00 in a research report on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $42.33.

Shares of NASDAQ COLB opened at $35.28 on Friday. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 2.01 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.83. Columbia Banking System has a twelve month low of $30.65 and a twelve month high of $44.73.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $142.72 million for the quarter, compared to analyst estimates of $147.05 million. Columbia Banking System had a return on equity of 9.01% and a net margin of 30.12%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.55 EPS. Research analysts forecast that Columbia Banking System will post 2.55 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 8th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, May 7th. This represents a $1.12 annualized dividend and a dividend yield of 3.17%. Columbia Banking System’s dividend payout ratio (DPR) is presently 45.34%.

Several institutional investors have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Columbia Banking System by 39.6% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 18,367 shares of the financial services provider’s stock valued at $601,000 after purchasing an additional 5,206 shares during the last quarter. Morgan Stanley grew its position in Columbia Banking System by 40.6% during the 1st quarter. Morgan Stanley now owns 186,012 shares of the financial services provider’s stock worth $6,082,000 after acquiring an additional 53,684 shares during the last quarter. SEI Investments Co grew its position in Columbia Banking System by 8.4% during the 1st quarter. SEI Investments Co now owns 103,125 shares of the financial services provider’s stock worth $3,372,000 after acquiring an additional 7,999 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Columbia Banking System by 2.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,394,222 shares of the financial services provider’s stock worth $78,267,000 after acquiring an additional 57,529 shares during the last quarter. Finally, Voya Investment Management LLC grew its position in Columbia Banking System by 29.3% during the 1st quarter. Voya Investment Management LLC now owns 573,555 shares of the financial services provider’s stock worth $18,750,000 after acquiring an additional 129,925 shares during the last quarter. Hedge funds and other institutional investors own 89.51% of the company’s stock.

About Columbia Banking System

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.

Read More: Retained Earnings

Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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