Columbia Banking System (NASDAQ:COLB) Stock Rating Lowered by Zacks Investment Research

Columbia Banking System (NASDAQ:COLBGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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. “

COLB has been the subject of a number of other research reports. StockNews.com began coverage on shares of Columbia Banking System in a research report on Thursday, March 31st. They set a “hold” rating for the company. Raymond James decreased their price target on shares of Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, April 22nd. Piper Sandler decreased their price objective on shares of Columbia Banking System from $35.00 to $31.00 in a report on Monday, May 2nd. Keefe, Bruyette & Woods assumed coverage on shares of Columbia Banking System in a report on Friday, February 11th. They issued a “market perform” rating for the company. Finally, Royal Bank of Canada lifted their price objective on shares of Columbia Banking System from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Friday, April 22nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $36.00.

Shares of COLB traded up $0.48 during mid-day trading on Friday, reaching $28.78. 660,051 shares of the stock traded hands, compared to its average volume of 860,714. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 10.28 and a beta of 0.68. The stock has a fifty day simple moving average of $30.99 and a 200 day simple moving average of $33.42. Columbia Banking System has a 12-month low of $27.61 and a 12-month high of $44.13.

Columbia Banking System (NASDAQ:COLBGet Rating) last posted its quarterly earnings data on Thursday, April 21st. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The company had revenue of $170.38 million for the quarter, compared to analyst estimates of $166.09 million. Columbia Banking System had a net margin of 31.91% and a return on equity of 9.30%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 earnings per share. As a group, research analysts predict that Columbia Banking System will post 2.6 earnings per share for the current year.

In related news, CFO Aaron James Deer acquired 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The shares were acquired at an average cost of $33.45 per share, for a total transaction of $100,350.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in Columbia Banking System by 38.2% in the fourth quarter. State Street Corp now owns 4,957,374 shares of the financial services provider’s stock worth $162,205,000 after acquiring an additional 1,370,893 shares in the last quarter. Millennium Management LLC purchased a new position in Columbia Banking System in the 4th quarter worth about $35,816,000. BlackRock Inc. increased its stake in Columbia Banking System by 8.8% in the 4th quarter. BlackRock Inc. now owns 11,456,349 shares of the financial services provider’s stock worth $374,853,000 after purchasing an additional 928,840 shares in the last quarter. Norges Bank purchased a new position in Columbia Banking System in the 4th quarter worth about $22,743,000. Finally, Neumeier Poma Investment Counsel LLC purchased a new position in Columbia Banking System in the 1st quarter worth about $21,043,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

About Columbia Banking System (Get Rating)

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 the United States. It offers personal banking products and services, including noninterest and interest-bearing checking, savings, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; debit and credit cards; and digital banking services.

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