Wall Street Zen Upgrades Columbia Banking System (NASDAQ:COLB) to Hold

Columbia Banking System (NASDAQ:COLB) was upgraded by equities researchers at Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages also recently commented on COLB. Royal Bank Of Canada increased their price target on Columbia Banking System from $27.00 to $28.00 and gave the company a “sector perform” rating in a research report on Friday, October 10th. Cowen initiated coverage on Columbia Banking System in a research report on Wednesday, September 24th. They set a “hold” rating for the company. Keefe, Bruyette & Woods lifted their target price on Columbia Banking System from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Zacks Research lowered shares of Columbia Banking System from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Columbia Banking System in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, Columbia Banking System has a consensus rating of “Hold” and a consensus target price of $29.58.

Columbia Banking System Stock Down 0.1%

COLB stock opened at $28.59 on Friday. The firm has a market capitalization of $8.55 billion, a PE ratio of 12.88 and a beta of 0.62. Columbia Banking System has a twelve month low of $19.61 and a twelve month high of $29.61. The stock’s 50 day moving average is $27.41 and its 200-day moving average is $25.91.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Monday, March 4th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter. Columbia Banking System had a net margin of 15.98% and a return on equity of 11.13%. The business had revenue of $348.47 million during the quarter. On average, equities research analysts anticipate that Columbia Banking System will post 2.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COLB. Verdence Capital Advisors LLC raised its position in shares of Columbia Banking System by 2.0% during the 2nd quarter. Verdence Capital Advisors LLC now owns 20,714 shares of the financial services provider’s stock valued at $484,000 after buying an additional 403 shares in the last quarter. Wedbush Securities Inc. raised its position in Columbia Banking System by 4.5% during the third quarter. Wedbush Securities Inc. now owns 9,915 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 423 shares in the last quarter. Peregrine Asset Advisers Inc. lifted its stake in Columbia Banking System by 4.9% during the third quarter. Peregrine Asset Advisers Inc. now owns 9,774 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 457 shares during the last quarter. Sittner & Nelson LLC lifted its stake in Columbia Banking System by 1.2% during the third quarter. Sittner & Nelson LLC now owns 37,519 shares of the financial services provider’s stock worth $966,000 after purchasing an additional 460 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Columbia Banking System by 1.2% in the 3rd quarter. Quadrant Capital Group LLC now owns 37,906 shares of the financial services provider’s stock worth $976,000 after purchasing an additional 466 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.