Columbia Banking System (NASDAQ:COLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

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. “

A number of other equities analysts have also recently weighed in on the stock. BidaskClub cut shares of Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $48.00 price target (up from $45.00) on shares of Columbia Banking System in a research note on Tuesday, October 17th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $42.00 price objective on shares of Columbia Banking System in a research report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.60.

Columbia Banking System (COLB) traded up $0.16 during trading hours on Wednesday, hitting $43.60. 241,141 shares of the stock were exchanged, compared to its average volume of 224,900. Columbia Banking System has a fifty-two week low of $35.67 and a fifty-two week high of $48.06. The firm has a market cap of $2,550.00, a PE ratio of 19.91, a PEG ratio of 1.80 and a beta of 1.25.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.18. Columbia Banking System had a net margin of 27.72% and a return on equity of 9.93%. The business had revenue of $126.00 million for the quarter, compared to analysts’ expectations of $119.16 million. During the same period in the prior year, the company posted $0.47 EPS. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. sell-side analysts forecast that Columbia Banking System will post 2.2 earnings per share for the current fiscal year.

In related news, CAO Barry Ray sold 750 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $46.87, for a total value of $35,152.50. Following the sale, the chief accounting officer now directly owns 11,250 shares in the company, valued at approximately $527,287.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.23% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in COLB. Flinton Capital Management LLC lifted its holdings in Columbia Banking System by 98.1% in the 2nd quarter. Flinton Capital Management LLC now owns 3,328 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,648 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in Columbia Banking System by 2.1% in the 2nd quarter. D.A. Davidson & CO. now owns 3,631 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 73 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Columbia Banking System in the 3rd quarter valued at about $202,000. Janney Montgomery Scott LLC purchased a new position in Columbia Banking System in the 3rd quarter valued at about $204,000. Finally, Riverhead Capital Management LLC lifted its holdings in Columbia Banking System by 102.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,262 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,662 shares in the last quarter. Institutional investors and hedge funds own 76.23% of the company’s stock.

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About Columbia Banking System

Columbia Banking System, Inc (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management.

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