Columbia Banking System (NASDAQ:COLB – Get Free Report) had its target price boosted by equities researchers at Barclays from $32.00 to $34.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective would suggest a potential upside of 9.69% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Citigroup reduced their price objective on shares of Columbia Banking System from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 22nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Columbia Banking System in a research report on Tuesday, October 13th. They issued a “hold” rating and a $32.00 target price for the company. Wells Fargo & Company cut their price target on shares of Columbia Banking System from $34.00 to $32.00 and set an “equal weight” rating for the company in a report on Wednesday, September 30th. Weiss Ratings raised shares of Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Columbia Banking System from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $33.62.
Get Our Latest Stock Report on Columbia Banking System
Columbia Banking System Stock Performance
COLB opened at $31.00 on Tuesday. Columbia Banking System has a 52-week low of $25.51 and a 52-week high of $33.67. The firm has a market cap of $8.77 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66. The business’s fifty day moving average is $29.63 and its 200-day moving average is $29.88.
Columbia Banking System (NASDAQ:COLB – Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $702.00 million during the quarter, compared to the consensus estimate of $687.74 million. Columbia Banking System had a return on equity of 11.93% and a net margin of 22.83%. Columbia Banking System’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share. On average, research analysts predict that Columbia Banking System will post 3.07 earnings per share for the current fiscal year.
Insider Buying and Selling at Columbia Banking System
In related news, Director Steven Gardner sold 10,522 shares of Columbia Banking System stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $31.23, for a total transaction of $328,602.06. Following the sale, the director directly owned 2,577 shares of the company’s stock, valued at approximately $80,479.71. The trade was a 80.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.57% of the company’s stock.
Hedge Funds Weigh In On Columbia Banking System
Several institutional investors and hedge funds have recently added to or reduced their stakes in COLB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Columbia Banking System in the second quarter valued at approximately $29,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Columbia Banking System during the second quarter worth $31,000. Cedar Mountain Advisors LLC increased its holdings in shares of Columbia Banking System by 571.7% during the first quarter. Cedar Mountain Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $31,000 after buying an additional 949 shares in the last quarter. Root Financial Partners LLC bought a new position in shares of Columbia Banking System in the 3rd quarter valued at $34,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Columbia Banking System by 213.7% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,352 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 921 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.
About Columbia Banking System
Columbia Banking System, Inc is a bank holding company headquartered in Tacoma, Washington. It operates through Umpqua Bank, a full-service financial institution serving consumers, businesses, professionals and institutions.
Umpqua Bank provides deposit accounts, residential and commercial lending, business banking, treasury and cash-management services, mortgage banking, personal banking and wealth-management solutions. Its offerings include checking and savings accounts, commercial real estate and business loans, consumer credit, online and mobile banking, and investment and advisory services.
Columbia Banking System traces its roots to the formation of Columbia State Bank in Washington in 1993.
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