Keefe, Bruyette & Woods Raises Columbia Banking System (NASDAQ:COLB) Price Target to $34.00

Columbia Banking System (NASDAQ:COLB) had its target price raised by analysts at Keefe, Bruyette & Woods from $30.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 13.41% from the company’s current price.

Several other brokerages also recently weighed in on COLB. Wedbush raised their target price on Columbia Banking System from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Royal Bank of Canada raised their price objective on Columbia Banking System from $29.00 to $31.00 and gave the company a “sector perform” rating in a research note 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 on the stock in a research report on Wednesday, October 9th. Raymond James increased their target price on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average price target of $27.88.

Columbia Banking System Price Performance

Columbia Banking System stock traded down $0.57 during midday trading on Wednesday, hitting $29.98. 355,740 shares of the company were exchanged, compared to its average volume of 2,208,427. The company has a market cap of $6.28 billion, a PE ratio of 12.98 and a beta of 0.64. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $32.85. The company’s fifty day moving average price is $28.60 and its 200-day moving average price is $24.38.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.07. The business had revenue of $765.06 million during the quarter, compared to the consensus estimate of $478.80 million. Columbia Banking System had a net margin of 16.15% and a return on equity of 10.13%. During the same period in the prior year, the firm earned $0.79 earnings per share. On average, analysts expect that Columbia Banking System will post 2.63 EPS for the current fiscal year.

Institutional Trading of Columbia Banking System

Institutional investors and hedge funds have recently made changes to their positions in the stock. Picton Mahoney Asset Management acquired a new position in Columbia Banking System during the 2nd quarter valued at approximately $33,000. GAMMA Investing LLC grew its position 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 acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Columbia Banking System by 111.5% in the 2nd 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. Hexagon Capital Partners LLC lifted its position in Columbia Banking System by 137,166.7% in 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. Finally, Signaturefd LLC boosted its stake in Columbia Banking System by 44.1% during the 2nd quarter. Signaturefd LLC now owns 5,058 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 1,548 shares during the period. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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.