DA Davidson Downgrades Columbia Banking System (COLB) to Neutral; Valuation Call

DA Davidson downgraded Columbia Banking System (NASDAQ: COLB) to Neutral, price target raised $1 to $25.

DA analyst, said, "Since early October 2011, Columbia’s shares have climbed approximately 70%. Year-to-date, COLB is up roughly 20%. The shares are now trading at approximately 1.34x and 15.6x our 2013 TBV and EPS estimates, respectively. The stock’s improved valuation appears to have been helped by Columbia’s capital deployment of late (regular dividend hikes, special dividends, buyback). While excess capital remains for considerable acquisition opportunities, the recent equity return has boosted the bank’s ROE outlook incrementally."

For an analyst ratings summary and ratings history on Columbia Banking System click here. For more ratings news on Columbia Banking System click here.

Shares of Columbia Banking System closed at $22.81 yesterday.

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