Phocas Financial Corp. Acquires Shares of 243,475 Columbia Banking System, Inc. (NASDAQ:COLB)

Phocas Financial Corp. acquired a new position in shares of Columbia Banking System, Inc. (NASDAQ:COLB - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 243,475 shares of the financial services provider's stock, valued at approximately $6,357,000. Phocas Financial Corp. owned about 0.12% of Columbia Banking System at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in COLB. Picton Mahoney Asset Management acquired a new position in Columbia Banking System during the second quarter worth $33,000. Abich Financial Wealth Management LLC lifted its holdings in 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 worth $43,000 after purchasing an additional 1,020 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Columbia Banking System by 144.0% during the second quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider's stock worth $47,000 after buying an additional 1,387 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake 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 increased 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 purchasing an additional 4,115 shares during the period. Institutional investors own 92.53% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target 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. Truist Financial increased their price objective on Columbia Banking System from $28.00 to $30.00 and gave the company a "hold" rating in a report on Monday, October 28th. StockNews.com upgraded shares of Columbia Banking System from a "sell" rating to a "hold" rating in a research report on Saturday, October 5th. Wedbush raised their price target on shares of Columbia Banking System from $31.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Columbia Banking System from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $27.12.

Columbia Banking System Stock Performance

COLB stock traded down $0.39 on Tuesday, hitting $30.16. 524,361 shares of the company's stock were exchanged, compared to its average volume of 2,250,250. Columbia Banking System, Inc. has a 12-month low of $17.08 and a 12-month high of $31.86. The stock has a market cap of $6.32 billion, a P/E ratio of 13.11 and a beta of 0.62. The firm has a 50 day moving average price of $27.24 and a two-hundred day moving average price of $23.55.

Columbia Banking System (NASDAQ:COLB - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07. Columbia Banking System had a return on equity of 10.13% and a net margin of 16.15%. The business had revenue of $765.06 million during the quarter, compared to the consensus estimate of $478.80 million. During the same period in the prior year, the company posted $0.79 EPS. Sell-side analysts expect that Columbia Banking System, Inc. will post 2.62 earnings per share for the current fiscal 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.