Zacks Investment Research lowered shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a sell rating in a research note issued to investors on Thursday.
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. “
Separately, BidaskClub downgraded shares of Columbia Banking System from a hold rating to a sell rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $48.20.
NASDAQ:COLB opened at $40.90 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.07. Columbia Banking System has a twelve month low of $37.74 and a twelve month high of $48.06. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.09.
Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 26th. The financial services provider reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.04). Columbia Banking System had a net margin of 25.30% and a return on equity of 9.13%. The business had revenue of $140.37 million for the quarter, compared to analysts’ expectations of $143.03 million. During the same quarter last year, the business posted $0.47 earnings per share. research analysts forecast that Columbia Banking System will post 2.5 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 22nd. Stockholders of record on Wednesday, August 8th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, August 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Columbia Banking System’s dividend payout ratio (DPR) is presently 47.49%.
In other news, EVP David C. Lawson sold 1,813 shares of Columbia Banking System stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $41.88, for a total transaction of $75,928.44. Following the completion of the sale, the executive vice president now directly owns 15,460 shares in the company, valued at $647,464.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.23% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Columbia Banking System during the first quarter worth about $199,000. Citigroup Inc. boosted its position in shares of Columbia Banking System by 208.0% in the first quarter. Citigroup Inc. now owns 7,916 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 5,346 shares during the last quarter. Laurion Capital Management LP acquired a new stake in shares of Columbia Banking System in the second quarter worth approximately $419,000. CIBC World Markets Inc. acquired a new stake in shares of Columbia Banking System in the first quarter worth approximately $424,000. Finally, Xact Kapitalforvaltning AB boosted its position in shares of Columbia Banking System by 40.6% in the first quarter. Xact Kapitalforvaltning AB now owns 11,088 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 3,200 shares during the last quarter. Institutional investors and hedge funds own 90.48% of the company’s stock.
About Columbia Banking System
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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