UPDATE: Stifel Nicolaus Initiates Columbia Banking with Hold

Stifel Nicolaus initiates coverage on Columbia Banking

with a Hold rating as its solid positioning is already reflected in valuation. Stifel Nicolaus notes, "We believe the company has numerous strengths including strong loan growth, capital, and we expect earnings upside. However, we believe the shares reflect these positives trading at a 27% premium to its West peers based on our 2012 EPS estimate." COLB closed at $18.99 per share on Wednesday.