Columbia Banking System (NASDAQ:COLB) Price Target Raised to $28.00

Columbia Banking System (NASDAQ:COLB) had its price target hoisted by Raymond James from $26.00 to $28.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Raymond James’ target price suggests a potential upside of 10.32% from the company’s previous close.

A number of other research firms also recently weighed in on COLB. Keefe, Bruyette & Woods upped their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Wedbush raised Columbia Banking System from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $28.00 to $31.00 in a research note on Tuesday, September 24th. Stephens lifted their price objective on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Truist Financial lowered their target price on Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, Royal Bank of Canada increased their price target on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Columbia Banking System currently has an average rating of “Hold” and a consensus price target of $25.88.

Columbia Banking System Trading Up 0.4 %

NASDAQ:COLB traded up $0.10 during mid-day trading on Wednesday, hitting $25.38. The stock had a trading volume of 537,898 shares, compared to its average volume of 2,366,619. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 10.91 and a beta of 0.64. The company has a 50 day simple moving average of $24.58 and a 200-day simple moving average of $21.24. Columbia Banking System has a 52 week low of $17.08 and a 52 week high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. Columbia Banking System had a net margin of 15.94% and a return on equity of 10.89%. The firm had revenue of $472.15 million during the quarter, compared to analysts’ expectations of $476.01 million. During the same period in the previous year, the company earned $0.81 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Columbia Banking System will post 2.55 earnings per share for the current year.

Institutional Investors Weigh In On Columbia Banking System

Hedge funds have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new stake in Columbia Banking System in the 2nd quarter worth approximately $33,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Columbia Banking System by 85.1% in the first quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,020 shares during the period. GAMMA Investing LLC raised its position in 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 valued at $47,000 after buying an additional 1,387 shares during the period. Allspring Global Investments Holdings LLC boosted its stake 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 acquiring an additional 1,380 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its position in shares of 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 worth $82,000 after acquiring an additional 4,115 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.

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.