Columbia Banking System (NASDAQ:COLB) Price Target Raised to $35.00

Columbia Banking System (NASDAQ:COLB) had its target price hoisted by equities research analysts at Keefe, Bruyette & Woods from $34.00 to $35.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 11.59% from the stock’s current price.

A number of other equities analysts also recently issued reports on COLB. Weiss Ratings reissued a “buy (b-)” rating on shares of Columbia Banking System in a research note on Monday, June 29th. UBS Group assumed coverage on Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 price target on the stock. Piper Sandler upped their price objective on Columbia Banking System from $34.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Wall Street Zen cut Columbia Banking System from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, JPMorgan Chase & Co. raised their target price on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $33.27.

Columbia Banking System Trading Down 2.8%

Shares of Columbia Banking System stock traded down $0.90 on Friday, reaching $31.36. 3,491,695 shares of the stock were exchanged, compared to its average volume of 2,898,138. Columbia Banking System has a 1-year low of $22.77 and a 1-year high of $33.67. The business has a fifty day moving average price of $30.94 and a two-hundred day moving average price of $29.69. The firm has a market capitalization of $9.08 billion, a PE ratio of 12.49, a PEG ratio of 2.22 and a beta of 0.62.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The firm had revenue of $680.00 million during the quarter, compared to the consensus estimate of $687.40 million. Columbia Banking System had a net margin of 19.28% and a return on equity of 11.41%. During the same quarter last year, the firm earned $0.76 earnings per share. Research analysts expect that Columbia Banking System will post 3.05 EPS for the current year.

Insider Activity at Columbia Banking System

In other news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction on Monday, June 8th. The stock was sold at an average price of $29.77, for a total value of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares of the company’s stock, valued at $554,793.72. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently modified their holdings of the company. Cedar Mountain Advisors LLC grew its stake in 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 during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Columbia Banking System by 194.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,202 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 794 shares in the last quarter. Horizon Investments LLC lifted its holdings in shares of Columbia Banking System by 168.8% during the 4th quarter. Horizon Investments LLC now owns 1,231 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 773 shares in the last quarter. Rossby Financial LCC purchased a new stake in Columbia Banking System during the 4th quarter worth $36,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in Columbia Banking System in the 4th quarter valued at $43,000. 92.53% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Columbia Banking System

Here are the key news stories impacting Columbia Banking System this week:

• Positive Sentiment: Columbia Banking System reported Q2 earnings of $0.76 per share, beating Wall Street estimates and matching last year’s result, while management pointed to stronger net interest income and fee income. Article Title
• Positive Sentiment: Stephens raised its price target on COLB from $35 to $36 and maintained an overweight rating, signaling improved confidence in the bank’s outlook. Article Title
• Positive Sentiment: Royal Bank of Canada also lifted its price target on Columbia Banking System from $34 to $35 while keeping a sector perform rating, adding to the positive analyst sentiment around the stock. Article Title
• Neutral Sentiment: Revenue for the quarter came in slightly below consensus, and the company noted pressure from rising expenses as well as lower loan and deposit balances, which tempers the earnings beat. Article Title

Columbia Banking System Company Profile

Columbia Banking System, Inc is a bank holding company that operates through its principal subsidiary, Columbia State Bank. Headquartered in Tacoma, Washington, the company provides a full range of banking and financial services to commercial, small business and consumer customers. Its branch network is concentrated in the Pacific Northwest, with locations across Washington, Oregon and Idaho, where it aims to combine local decision-making with the resources of a larger institution.

The company’s offerings include commercial real estate lending, construction and development financing, equipment and small business loans, and deposit products such as checking, savings and money market accounts.