Columbia Banking System (COLB) Downgraded by BidaskClub to “Sell”
BidaskClub downgraded shares of Columbia Banking System (NASDAQ:COLB) from a hold rating to a sell rating in a report released on Thursday, September 13th.
Separately, Zacks Investment Research upgraded Columbia Banking System from a sell rating to a hold rating in a research note on Wednesday, July 4th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $48.20.
Shares of NASDAQ COLB traded down $0.39 during trading hours on Thursday, hitting $38.63. 187,687 shares of the company’s stock were exchanged, compared to its average volume of 277,548. Columbia Banking System has a 1-year low of $37.79 and a 1-year high of $48.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $2.84 billion, a PE ratio of 17.64, a P/E/G ratio of 1.55 and a beta of 1.09.
In other news, EVP David C. Lawson sold 1,813 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $41.88, for a total value of $75,928.44. Following the transaction, the executive vice president now owns 15,460 shares of the company’s stock, valued at approximately $647,464.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.06% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Columbia Banking System by 7.0% in the 2nd quarter. BlackRock Inc. now owns 10,136,738 shares of the financial services provider’s stock valued at $414,593,000 after buying an additional 661,781 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Columbia Banking System by 76.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 936,964 shares of the financial services provider’s stock valued at $39,305,000 after buying an additional 405,659 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Columbia Banking System by 4,223.4% in the 1st quarter. OppenheimerFunds Inc. now owns 364,807 shares of the financial services provider’s stock valued at $15,304,000 after buying an additional 356,369 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Columbia Banking System by 12.8% in the 1st quarter. Franklin Resources Inc. now owns 3,032,722 shares of the financial services provider’s stock valued at $127,223,000 after buying an additional 344,136 shares in the last quarter. Finally, Cardinal Capital Management LLC CT increased its holdings in Columbia Banking System by 7.4% during the 1st quarter. Cardinal Capital Management LLC CT now owns 2,382,756 shares of the financial services provider’s stock worth $99,957,000 after purchasing an additional 164,134 shares in the last quarter. 90.47% of the stock is currently owned by institutional investors.
About Columbia Banking System
Columbia Banking System, Inc operates as the bank holding company for Columbia State Bank that provides a range of banking services to small and medium-sized businesses, professionals, and individuals in Washington, Oregon, and Idaho. It offers personal banking products and services, including noninterest and interest-bearing checking, saving, money market, and certificate of deposit accounts; home mortgages for purchases and refinances, home equity loans and lines of credit, and personal loans; debit and credit cards; and digital banking services.
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