Columbia Banking System Inc. (COLB) Downgraded to “Hold” at Zacks Investment Research
Columbia Banking System Inc. (NASDAQ:COLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
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, Keefe, Bruyette & Woods lowered Columbia Banking System from an “outperform” rating to a “market perform” rating and set a $31.00 price target on the stock. in a report on Friday, July 29th. Five analysts have rated the stock with a hold rating, Columbia Banking System has an average rating of “Hold” and a consensus price target of $33.00.
Columbia Banking System (NASDAQ:COLB) traded up 0.24% during trading on Monday, hitting $33.01. The stock had a trading volume of 313,284 shares. The stock’s 50-day moving average is $32.68 and its 200-day moving average is $30.39. Columbia Banking System has a 52-week low of $26.17 and a 52-week high of $36.27. The stock has a market capitalization of $1.92 billion, a PE ratio of 19.30 and a beta of 1.59.
Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Columbia Banking System had a net margin of 23.63% and a return on equity of 8.21%. During the same period in the previous year, the business posted $0.38 EPS. On average, analysts predict that Columbia Banking System will post $1.76 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in COLB. Fuller & Thaler Asset Management Inc. acquired a new stake in Columbia Banking System during the second quarter worth $112,000. BlackRock Inc. increased its position in Columbia Banking System by 121.9% in the first quarter. BlackRock Inc. now owns 3,899 shares of the financial services provider’s stock worth $116,000 after buying an additional 2,142 shares during the last quarter. Bank of Montreal Can purchased a new position in Columbia Banking System during the second quarter worth about $153,000. Washington Trust Bank increased its position in Columbia Banking System by 0.8% in the third quarter. Washington Trust Bank now owns 6,134 shares of the financial services provider’s stock worth $201,000 after buying an additional 50 shares during the last quarter. Finally, PineBridge Investments L.P. increased its position in Columbia Banking System by 4.3% in the second quarter. PineBridge Investments L.P. now owns 7,356 shares of the financial services provider’s stock worth $206,000 after buying an additional 301 shares during the last quarter. Institutional investors and hedge funds own 89.55% of the company’s stock.
About Columbia Banking System
Columbia Banking System, Inc is a bank holding company of Columbia State Bank (the Bank) and West Coast Trust Company, Inc The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. The Bank provides a range of financial services through approximately 150 branch locations in Washington, Oregon and Idaho.
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