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 research report issued to clients and 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 downgraded Columbia Banking System from an “outperform” rating to a “market perform” rating and set a $31.00 target price on the stock. in a research report on Friday, July 29th. Five investment analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $33.00.
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Shares of Columbia Banking System (NASDAQ:COLB) traded up 0.24% during midday trading on Monday, reaching $33.01. The company had a trading volume of 313,284 shares. The company has a market capitalization of $1.92 billion, a P/E ratio of 19.30 and a beta of 1.59. Columbia Banking System has a 52 week low of $26.17 and a 52 week high of $36.27. The company’s 50 day moving average price is $32.68 and its 200-day moving average price is $30.39.
Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.44 EPS for the quarter, missing the Zacks’ 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 company posted $0.38 earnings per share. On average, equities research analysts predict that Columbia Banking System will post $1.76 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in Columbia Banking System by 738.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,582,300 shares of the financial services provider’s stock valued at $47,343,000 after buying an additional 1,393,490 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Columbia Banking System during the second quarter valued at about $22,610,000. Franklin Resources Inc. increased its stake in Columbia Banking System by 21.1% in the second quarter. Franklin Resources Inc. now owns 2,562,569 shares of the financial services provider’s stock valued at $71,906,000 after buying an additional 446,800 shares in the last quarter. Vanguard Group Inc. increased its stake in Columbia Banking System by 5.3% in the second quarter. Vanguard Group Inc. now owns 4,725,629 shares of the financial services provider’s stock valued at $132,602,000 after buying an additional 237,690 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its stake in Columbia Banking System by 52.5% in the second quarter. Public Employees Retirement Association of Colorado now owns 614,022 shares of the financial services provider’s stock valued at $17,229,000 after buying an additional 211,400 shares in the last quarter. Hedge funds and other institutional investors 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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