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.