Phocas Financial Corp. Makes New Investment in Columbia Banking System, Inc. (NASDAQ:COLB)

Phocas Financial Corp. bought a new position in Columbia Banking System, Inc. (NASDAQ:COLB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 243,475 shares of the financial services provider’s stock, valued at approximately $6,357,000. Phocas Financial Corp. owned 0.12% of Columbia Banking System at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in shares of Columbia Banking System by 812.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after buying an additional 2,833,744 shares during the period. Silvercrest Asset Management Group LLC boosted its position in Columbia Banking System by 21.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock worth $86,468,000 after acquiring an additional 788,383 shares during the period. Vanguard Group Inc. boosted its position in Columbia Banking System by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after acquiring an additional 574,509 shares during the period. LSV Asset Management grew its stake in shares of Columbia Banking System by 333.8% in the second quarter. LSV Asset Management now owns 639,042 shares of the financial services provider’s stock worth $12,711,000 after purchasing an additional 491,742 shares in the last quarter. Finally, Stieven Capital Advisors L.P. acquired a new position in shares of Columbia Banking System during the second quarter valued at $9,458,000. 92.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on COLB. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods increased their price objective on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada boosted their target price on Columbia Banking System from $29.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. JPMorgan Chase & Co. cut their target price on Columbia Banking System from $29.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.12.

Columbia Banking System Trading Down 1.1 %

Shares of COLB opened at $30.55 on Tuesday. The business’s 50-day moving average price is $27.24 and its 200 day moving average price is $23.55. The stock has a market capitalization of $6.40 billion, a P/E ratio of 13.23 and a beta of 0.62. Columbia Banking System, Inc. has a 1-year low of $17.08 and a 1-year high of $31.86.

Columbia Banking System (NASDAQ:COLB) last released 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 net margin of 16.15% and a return on equity of 10.13%. The business had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same period last year, the firm posted $0.79 earnings per share. On average, research analysts predict that Columbia Banking System, Inc. will post 2.62 earnings per share for the current year.

Columbia Banking System Company 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.