Cornercap Investment Counsel Inc. Trims Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Cornercap Investment Counsel Inc. trimmed its holdings in Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) by 54.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,844 shares of the financial services provider's stock after selling 31,966 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Columbia Banking System were worth $701,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Picton Mahoney Asset Management purchased a new position in shares of Columbia Banking System in the 2nd quarter worth about $33,000. Abich Financial Wealth Management LLC increased its holdings in Columbia Banking System by 85.1% during the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,020 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Columbia Banking System by 111.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in Columbia Banking System by 137,166.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider's stock worth $82,000 after purchasing an additional 4,115 shares in the last quarter. Institutional investors own 92.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on COLB. Wells Fargo & Company boosted their price objective on Columbia Banking System from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Friday, October 25th. StockNews.com upgraded Columbia Banking System from a "sell" rating to a "hold" rating in a research report on Saturday, October 5th. Keefe, Bruyette & Woods raised their target price on Columbia Banking System from $23.00 to $27.00 and gave the stock a "market perform" rating in a research note on Friday, July 26th. Truist Financial raised their target price on Columbia Banking System from $28.00 to $30.00 and gave the company a "hold" rating in a report on Monday, October 28th. Finally, Stephens increased their price objective on Columbia Banking System from $22.00 to $26.00 and gave the company an "equal weight" rating in a report on Friday, July 26th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $27.12.

Columbia Banking System Stock Down 0.8 %

Shares of COLB stock traded down $0.24 during trading on Friday, reaching $30.88. The company's stock had a trading volume of 939,256 shares, compared to its average volume of 2,263,874. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $31.86. The business has a fifty day moving average price of $27.11 and a 200-day moving average price of $23.41. The company has a market cap of $6.47 billion, a price-to-earnings ratio of 13.37 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.07. The firm had revenue of $765.06 million for the quarter, compared to analysts' expectations of $478.80 million. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. During the same quarter in the previous year, the business posted $0.79 earnings per share. Research analysts anticipate that Columbia Banking System, Inc. will post 2.62 EPS for the current year.

Columbia Banking System Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.