Columbia Banking System Inc (COLB) Boosted to Purchase by DA Davidson

Columbia Banking System Inc (COLB) Boosted to Purchase by DA Davidson

DA Davidson upgraded shares of Columbia Banking System Inc (NASDAQ:COLB) from a neutral rating to a buy rating in a research note issued to investors on Thursday morning. They currently have $45.00 price objective on the financial services provider’s stock.

Separately, Zacks Investment Research cut shares of Columbia Banking System from a buy rating to a hold rating in a report on Tuesday, March 14th.

Shares of Columbia Banking System (NASDAQ:COLB) opened at 37.39 on Thursday. The company has a market cap of $2.17 billion, a PE ratio of 20.69 and a beta of 1.32. Columbia Banking System has a one year low of $26.17 and a one year high of $45.68. The firm’s 50-day moving average is $39.81 and its 200-day moving average is $38.12.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, January 26th. The financial services provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. The business had revenue of $108.07 million for the quarter, compared to analysts’ expectations of $111.40 million. Columbia Banking System had a net margin of 24.61% and a return on equity of 8.44%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, equities analysts anticipate that Columbia Banking System will post $2.00 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 22nd. Stockholders of record on Wednesday, February 8th were issued a dividend of $0.22 per share. This is a boost from Columbia Banking System’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, February 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.35%. Columbia Banking System’s dividend payout ratio is presently 48.62%.

In other news, CAO Barry Ray sold 981 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $39.42, for a total transaction of $38,671.02. Following the sale, the chief accounting officer now owns 12,000 shares in the company, valued at $473,040. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.07% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC boosted its stake in Columbia Banking System by 0.5% in the third quarter. Mutual of America Capital Management LLC now owns 47,404 shares of the financial services provider’s stock worth $1,551,000 after buying an additional 236 shares during the last quarter. Channing Capital Management LLC boosted its stake in Columbia Banking System by 0.5% in the third quarter. Channing Capital Management LLC now owns 1,433,927 shares of the financial services provider’s stock worth $46,918,000 after buying an additional 7,777 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new stake in Columbia Banking System during the third quarter worth approximately $203,000. Wells Fargo & Company MN boosted its stake in Columbia Banking System by 9.0% in the third quarter. Wells Fargo & Company MN now owns 84,683 shares of the financial services provider’s stock worth $2,771,000 after buying an additional 7,020 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in Columbia Banking System by 2.8% in the third quarter. Great West Life Assurance Co. Can now owns 79,943 shares of the financial services provider’s stock worth $2,613,000 after buying an additional 2,172 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company of Columbia State Bank (the Bank) and West Coast Trust Company, Inc The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. The Bank provides a range of financial services through approximately 150 branch locations in Washington, Oregon and Idaho.

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