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

Columbia Banking System (NASDAQ:COLB – Get an Assessment) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report released Friday to clients and investors, reports.

According to Zacks, “Columbia Banking System, Inc. is a registered bank holding company whose wholly-owned subsidiary, Columbia State Bank, is engaged in full-service commercial banking. Headquartered in Tacoma, Washington, the company offers 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 portions of Washington’s Puget Sound region, as well as the communities of Longview and Woodland in southwestern Washington.”

COLB has been the subject of a number of other research reports. began covering Columbia Banking System stocks in a research report on Thursday, March 31. They set a “holding” rating for the company. Raymond James cut his price target on Columbia Banking System shares from $40.00 to $38.00 and set an “outperform” rating for the company in a Friday, April 22 research report. Piper Sandler cut her price target on shares of Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 report. Keefe, Bruyette & Woods assumed coverage for Columbia Banking System shares in a report on Friday, February 11. They issued a “market performance” rating for the company. Finally, Royal Bank of Canada raised its price target on Columbia Banking System shares from $35.00 to $36.00 and gave the stock an “sector performance” rating in a Friday report. April 22. Five analysts gave the stock a hold rating and two gave the company a buy rating. Based on data from, the stock has an average rating of “Hold” and an average target price of $36.00.

Shares of COLB traded at $0.48 during Friday’s midday session, hitting $28.78. 660,051 shares of shares trade in hands, compared to its average volume of 860,714. The company has a market capitalization of $2.26 billion, a price-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:COLB – Get Rating) last released its quarterly earnings data on Thursday, April 21. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating consensus analyst estimates of $0.66 by $0.15. The company posted revenue of $170.38 million for the quarter, versus 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 company’s quarterly revenue increased 15.8% year over year. In the same quarter last year, the company posted earnings per share of $0.73. As a group, research analysts predict Columbia Banking System will post 2.6 earnings per share for the current year.

Separately, CFO Aaron James Deer acquired 3,000 shares of the company in a transaction that took place on Thursday, February 24. 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, accessible via this link. Insiders own 0.62% of the shares of the company.

Hedge funds and other institutional investors have recently changed their stock holdings. 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 worth $162,205,000 after acquiring an additional 1,370,893 shares last quarter. Millennium Management LLC bought a new position in Columbia Banking System in Q4 for a value of approximately $35,816,000. BlackRock Inc. increased its stake in Columbia Banking System by 8.8% in the fourth quarter. BlackRock Inc. now owns 11,456,349 shares of the financial services provider worth $374,853,000 after buying an additional 928,840 shares last quarter. Norges Bank bought a new position in Columbia Banking System in Q4 for a value of approximately $22,743,000. Finally, Neumeier Poma Investment Counsel LLC bought a new position in Columbia Banking System in Q1 worth approximately $21,043,000. Institutional investors and hedge funds hold 94.44% of the company’s shares.

About the Columbia Banking System (Get an assessment)

Columbia Banking System, Inc operates as a bank holding company for Columbia State Bank which provides a range of banking services to small and medium businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.

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