Columbia Banking System (NASDAQ:COLB) Rating Lowered to Sell at Zacks Investment Research

Columbia Banking System (NASDAQ:COLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Columbia Banking System, Inc. is a registered bank holding company whose wholly owned subsidiary, Columbia State Bank,conducts a full-service commercial banking business. Headquartered in Tacoma, Washington, the Company provides a full range of banking services to small and medium-sized businesses, professionals and other individuals through banking offices located in the Tacoma metropolitan area and contiguous parts of the Puget Sound region of Washington, as well as the Longview and Woodland communities in southwestern Washington. “

Other research analysts have also issued research reports about the company. TheStreet lowered Columbia Banking System from a “b-” rating to a “c+” rating in a report on Friday, March 13th. BidaskClub cut shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Columbia Banking System has a consensus rating of “Hold” and an average target price of $40.67.

Columbia Banking System stock traded up $1.93 during mid-day trading on Tuesday, hitting $28.07. The company’s stock had a trading volume of 62,195 shares, compared to its average volume of 709,050. The firm’s 50 day moving average is $29.77 and its 200 day moving average is $36.73. The company has a market cap of $1.79 billion, a PE ratio of 10.49 and a beta of 1.17. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.83 and a quick ratio of 0.83. Columbia Banking System has a 52-week low of $21.88 and a 52-week high of $41.40.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. Columbia Banking System had a return on equity of 9.10% and a net margin of 31.01%. The company had revenue of $146.62 million during the quarter, compared to the consensus estimate of $146.00 million. During the same period last year, the business earned $0.62 EPS. As a group, analysts forecast that Columbia Banking System will post 2.2 EPS for the current year.

In other news, Director Craig D. Eerkes bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average price of $28.27 per share, with a total value of $28,270.00. Following the completion of the purchase, the director now directly owns 13,224 shares of the company’s stock, valued at approximately $373,842.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.92% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. HBC Financial Services PLLC bought a new stake in shares of Columbia Banking System in the fourth quarter valued at about $45,000. Duality Advisers LP grew its position in shares of Columbia Banking System by 238.7% during the fourth quarter. Duality Advisers LP now owns 25,641 shares of the financial services provider’s stock worth $1,043,000 after acquiring an additional 18,071 shares during the last quarter. Man Group plc purchased a new position in Columbia Banking System in the 3rd quarter valued at $838,000. First National Bank of Omaha raised its stake in shares of Columbia Banking System by 9.5% during the 4th quarter. First National Bank of Omaha now owns 35,942 shares of the financial services provider’s stock worth $1,462,000 after buying an additional 3,122 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Columbia Banking System by 8.9% in the 4th quarter. Franklin Resources Inc. now owns 3,180,922 shares of the financial services provider’s stock valued at $129,416,000 after purchasing an additional 259,800 shares during the last quarter. Hedge funds and other institutional investors own 92.63% of the company’s stock.

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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