Colombia Banking System (NASDAQ:COLB – Get a rating) was downgraded by Zacks Investment Research from a “strong buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com 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 provides a full range of banking services to small and medium-sized businesses, professionals, and other individuals through banking offices located in the Tacoma metro area and contiguous portions of Washington’s Puget Sound region, as well as in the communities of Longview and Woodland in southwestern Washington.”
Other stock research analysts have also published research reports on the stock. StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a Friday, March 11 research note. Keefe, Bruyette & Woods assumed coverage for Columbia Banking System stocks in a Friday, Feb. 11 research note. They issued a “market performance” rating for the company. Five investment analysts gave the stock a hold rating and two gave the stock a buy rating. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.00.
Shares of COLB fell $0.60 on Monday, hitting $33.47. The company’s stock had a trading volume of 989,606 shares, compared to an average volume of 842,010. Columbia Banking System has a 12-month low of $30.09 and a 12-month high of $45.05 . The company has a market capitalization of $2.63 billion, a PE ratio of 12.00 and a beta of 0.66. The company has a fifty-day moving average of $35.09.
Colombia Banking System (NASDAQ:COLB – Get a rating) last reported results on Wednesday, January 19. The financial services provider reported earnings per share of $0.67 for the quarter, beating the Zacks consensus estimate of $0.56 by $0.11. Columbia Banking System had a net margin of 32.19% and a return on equity of 8.91%. The company posted revenue of $169.76 million for the quarter, versus analyst estimates of $164.60 million. In the same quarter a year earlier, the company posted EPS of $0.82. On average, analysts predict Columbia Banking System will post earnings per share of 2.65 for the current fiscal year.
In other news from Columbia’s banking system, Chief Financial Officer Aaron James Cerf acquired 3,000 shares of the company in a transaction that took place on Thursday, February 24. The stock was purchased at an average cost of $33.45 per share, with a total value of $100,350.00. The purchase was disclosed in an SEC filing, available at the SEC website. Insiders of the company hold 0.62% of the shares of the company.
A number of large investors have recently changed their stock holdings. Earnest Partners LLC bought a new position in shares of Columbia Banking System in the fourth quarter worth about $27,000. Covestor Ltd purchased a new stake in shares of Columbia Banking System during Q4, valued at approximately $28,000. First Horizon Advisors Inc. increased its stake in shares of Columbia Banking System to 99.4% during the third quarter. First Horizon Advisors Inc. now owns 660 shares of the financial services provider worth $31,000 after buying 329 additional shares in the last quarter. Neo Ivy Capital Management purchased a new equity stake in Columbia Banking System during Q4, valued at approximately $56,000. Finally, Pinebridge Investments LP purchased a new equity stake in Columbia Banking System during the 4th quarter valued at approximately $69,000. Institutional investors hold 84.11% of the company’s shares.
Columbia Banking System Company Profile (Get a rating)
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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