Columbia Banking System (NASDAQ:COLB) Upgraded at StockNews.com

Columbia Banking System (NASDAQ:COLB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada lifted their price target on shares of Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” 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 on the stock in a research report on Friday, September 20th. 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 lifted their price objective for the company from $28.00 to $31.00 in a research report on Tuesday, September 24th. Finally, Raymond James boosted their price objective on Columbia Banking System from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.88.

Columbia Banking System Stock Performance

Columbia Banking System stock opened at $25.67 on Friday. Columbia Banking System has a one year low of $17.08 and a one year high of $28.11. The stock has a fifty day moving average of $24.64 and a 200 day moving average of $21.30. The stock has a market cap of $5.37 billion, a PE ratio of 11.02 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The firm had revenue of $472.15 million during 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 business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. As a group, sell-side analysts predict that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new position in shares of Columbia Banking System in the 2nd quarter worth $33,000. Abich Financial Wealth Management LLC increased its stake 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 last quarter. GAMMA Investing LLC increased its stake 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 worth $47,000 after acquiring an additional 1,387 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Columbia Banking System by 111.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,618 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,380 shares during the period. Finally, Hexagon Capital Partners LLC lifted its stake 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 valued at $82,000 after purchasing an additional 4,115 shares during the last quarter. Hedge funds and other institutional investors 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.