Cornercap Investment Counsel Inc. Has $701,000 Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Cornercap Investment Counsel Inc. trimmed its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) 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 quarter. 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.

Other large investors also recently modified their holdings of the company. Picton Mahoney Asset Management bought a new stake in Columbia Banking System in the second quarter valued at $33,000. Abich Financial Wealth Management LLC boosted its stake in shares of Columbia Banking System by 85.1% in 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 shares of 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 worth $47,000 after purchasing an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Columbia Banking System by 111.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in Columbia Banking System by 137,166.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 4,118 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 4,115 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on COLB. Keefe, Bruyette & Woods upped their price objective on shares of 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. Barclays raised their price target on Columbia Banking System from $25.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Stephens increased their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Raymond James lifted their price target on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $27.12.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $30.88 on Friday. Columbia Banking System, Inc. has a fifty-two week low of $17.08 and a fifty-two week high of $31.86. The firm has a market capitalization of $6.47 billion, a P/E ratio of 13.37 and a beta of 0.62. The company’s 50 day simple moving average is $27.11 and its 200 day simple moving average is $23.41.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $765.06 million for the quarter, compared to the consensus estimate of $478.80 million. During the same quarter in the prior year, the business posted $0.79 EPS. Sell-side analysts expect that Columbia Banking System, Inc. will post 2.62 EPS 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.