2. Columbia Banking System
Shares of Columbia Banking System (COLB - Get Report) of Tacoma, Wash., closed at $18.76 Friday, returning 2% year-to-date, following a 7% decline during 2011. Based on a regular quarterly payout of nine cents, the shares have a dividend yield of 1.92%.
The shares trade for 1.2 times tangible book value, and for 13 times the consensus 2013 EPS estimate of $1.45. The consensus 2012 EPS estimate is $1.12.
Columbia Banking System had $4.8 billion in total assets at the end of the second quarter. For the 12-month period ended June 30, the company's ROA was 1.14%, and its ROE was 8.85%.
The analyst consensus is for the company to report third-quarter EPS of 30 cents, matching its second-quarter results, but declining from 48 cents during the third quarter of 2011, when the company booked a $1.8 million gain on its FDIC-assisted acquisition of Bank of Whitman.On Sept. 26, the company announced an agreement to acquire West Coast Bancorp (WCBO) of Lake Oswego, Ore., for about $506 million in cash and stock. West Coast Bancorp had $2.4 billion in total assets as of June 30. Following the West Coast Bancorp deal announcement, KBW analyst Jacquelynne Chimera raised KBW's price target for Columbia Banking System by a dollar to $23, saying that "We view the deal positively given strong EPS accretion despite the issuance of additional shares, and believe the combined franchise will be a strong force in the
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