Columbia Banking System (NASDAQ:COLB) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a buy rating in a report issued on Tuesday morning, BidAskClub reports.

Other equities analysts have also issued research reports about the company. ValuEngine raised Columbia Banking System from a sell rating to a hold rating in a report on Wednesday, July 31st. Zacks Investment Research raised Columbia Banking System from a sell rating to a hold rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada set a $38.00 price target on Columbia Banking System and gave the stock a hold rating in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Columbia Banking System has an average rating of Hold and an average target price of $41.71.

NASDAQ COLB opened at $36.79 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.23. Columbia Banking System has a 52-week low of $30.65 and a 52-week high of $41.29. The business’s 50-day moving average price is $35.12 and its 200 day moving average price is $35.32. The firm has a market cap of $2.71 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.08 and a beta of 1.10.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.08. Columbia Banking System had a return on equity of 9.20% and a net margin of 30.92%. The firm had revenue of $150.76 million for the quarter, compared to analyst estimates of $147.22 million. During the same quarter last year, the company posted $0.57 earnings per share. As a group, analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Tuesday, August 6th. Columbia Banking System’s dividend payout ratio is presently 45.34%.

Institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP boosted its holdings in Columbia Banking System by 13.4% in the 2nd quarter. First Trust Advisors LP now owns 100,356 shares of the financial services provider’s stock valued at $3,631,000 after purchasing an additional 11,843 shares in the last quarter. Comerica Bank boosted its holdings in Columbia Banking System by 2.1% in the 2nd quarter. Comerica Bank now owns 120,822 shares of the financial services provider’s stock valued at $4,248,000 after purchasing an additional 2,451 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Columbia Banking System by 1.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,873 shares of the financial services provider’s stock valued at $1,045,000 after purchasing an additional 500 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Columbia Banking System by 48.7% in the 1st quarter. Toronto Dominion Bank now owns 1,005 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 329 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Columbia Banking System by 6.7% in the 1st quarter. New York State Common Retirement Fund now owns 104,146 shares of the financial services provider’s stock valued at $3,405,000 after purchasing an additional 6,545 shares in the last quarter. 89.43% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Columbia Banking System (NASDAQ:COLB)

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