Columbia Banking System (NASDAQ:COLB) Price Target Raised to $29.00

Columbia Banking System (NASDAQ:COLB) had its price objective lifted by analysts at Truist Financial from $20.00 to $29.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 11.15% from the company’s previous close.

A number of other analysts have also commented on the stock. Wells Fargo & Company lifted their target price on shares of Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday. Royal Bank of Canada lifted their price objective on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Friday. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective on shares of Columbia Banking System in a report on Wednesday, June 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 report on Friday. Finally, Wedbush upped their price target on Columbia Banking System from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.50.

Columbia Banking System Trading Down 3.3 %

Columbia Banking System stock traded down $0.90 during mid-day trading on Monday, hitting $26.09. The stock had a trading volume of 864,947 shares, compared to its average volume of 2,534,525. The stock has a market capitalization of $5.46 billion, a PE ratio of 11.21 and a beta of 0.66. Columbia Banking System has a 12 month low of $17.08 and a 12 month high of $28.11. The stock has a 50-day simple moving average of $20.14 and a two-hundred day simple moving average of $19.80.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 EPS. Sell-side analysts expect that Columbia Banking System will post 2.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

Institutional investors and hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC lifted its holdings in Columbia Banking System by 17.8% during the 4th quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 595 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Columbia Banking System by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after buying an additional 700 shares during the period. Essex Financial Services Inc. raised its holdings in Columbia Banking System by 3.8% in the 1st quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock valued at $379,000 after acquiring an additional 725 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of Columbia Banking System by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock worth $2,460,000 after acquiring an additional 900 shares during the period. Finally, Abich Financial Wealth Management LLC increased its position 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 worth $43,000 after acquiring an additional 1,020 shares during the period. 92.53% of the stock is owned by institutional investors.

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.