Columbia Banking System Inc. (COLB) Stock Rating Lowered by Zacks Investment Research
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 shares of Columbia Banking System from an outperform rating to a market perform rating and set a $31.00 price objective on the stock. in a research note on Friday, July 29th. Five equities research analysts have rated the stock with a hold rating, The company presently has an average rating of Hold and a consensus price target of $33.00.
Shares of Columbia Banking System (NASDAQ:COLB) opened at 31.90 on Monday. Columbia Banking System has a 1-year low of $26.17 and a 1-year high of $36.27. The firm’s 50-day moving average is $32.70 and its 200 day moving average is $30.44. The stock has a market capitalization of $1.85 billion, a P/E ratio of 18.65 and a beta of 1.59.
Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.01. Columbia Banking System had a return on equity of 8.21% and a net margin of 23.63%. During the same quarter last year, the company posted $0.38 earnings per share. On average, analysts expect that Columbia Banking System will post $1.76 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fuller & Thaler Asset Management Inc. acquired a new position in Columbia Banking System during the second quarter worth about $112,000. BlackRock Inc. boosted 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 in the last quarter. Bank of Montreal Can acquired a new position in Columbia Banking System during the second quarter worth about $153,000. Washington Trust Bank boosted 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 in the last quarter. Finally, PineBridge Investments L.P. boosted 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 in the last quarter. 89.55% of the stock is owned by institutional investors.
Columbia Banking System Company Profile
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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