162,028 Shares in Columbia Banking System, Inc. (NASDAQ:COLB) Purchased by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 162,028 shares of the financial services provider's stock, valued at approximately $4,231,000. Los Angeles Capital Management LLC owned about 0.08% of Columbia Banking System at the end of the most recent reporting period.

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

Columbia Banking System Price Performance

COLB traded down $0.43 on Wednesday, hitting $30.95. The company had a trading volume of 1,262,957 shares, compared to its average volume of 2,275,300. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $31.86. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 13.61 and a beta of 0.62. The company's fifty day moving average price is $26.70 and its 200 day moving average price is $23.22.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on COLB. Wells Fargo & Company boosted their price objective on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Friday, October 25th. JPMorgan Chase & Co. cut their price target on shares of Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. StockNews.com upgraded Columbia Banking System from a "sell" rating to a "hold" rating in a report on Saturday, October 5th. Truist Financial raised their target price on shares of Columbia Banking System from $28.00 to $30.00 and gave the stock a "hold" rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada boosted their price objective on Columbia Banking System from $29.00 to $31.00 and gave the stock a "sector perform" rating in a research report on Friday, October 25th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Columbia Banking System currently has an average rating of "Hold" and a consensus target price of $27.12.

About Columbia Banking System

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.