Columbia Banking System (NASDAQ:COLB) Price Target Raised to $32.00

Columbia Banking System (NASDAQ:COLB) had its price target hoisted by Wells Fargo & Company from $30.00 to $32.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 0.88% from the stock’s current price.

Several other brokerages also recently weighed in on COLB. Wall Street Zen downgraded shares of Columbia Banking System from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. JPMorgan Chase & Co. boosted their price target on Columbia Banking System from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Piper Sandler raised 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Columbia Banking System in a research report on Monday, June 29th. Finally, UBS Group began coverage on Columbia Banking System in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Columbia Banking System currently has a consensus rating of “Hold” and an average target price of $32.81.

Columbia Banking System Price Performance

Shares of COLB opened at $31.72 on Monday. Columbia Banking System has a 1-year low of $22.77 and a 1-year high of $32.77. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of 12.64 and a beta of 0.62. The firm has a 50 day simple moving average of $30.13 and a 200-day simple moving average of $29.31.

Columbia Banking System (NASDAQ:COLB) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $675.00 million for the quarter, compared to analysts’ expectations of $677.34 million. Columbia Banking System had a return on equity of 11.41% and a net margin of 19.28%.Columbia Banking System’s quarterly revenue was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. On average, equities analysts expect that Columbia Banking System will post 3.08 earnings per share for the current fiscal year.

Insider Activity at Columbia Banking System

In other Columbia Banking System news, CMO Devine David Moore sold 3,872 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were 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. This trade represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Columbia Banking System

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in Columbia Banking System by 31.4% in the fourth quarter. Wellington Management Group LLP now owns 18,106,228 shares of the financial services provider’s stock valued at $506,069,000 after buying an additional 4,324,006 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Columbia Banking System by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,549,603 shares of the financial services provider’s stock valued at $371,656,000 after buying an additional 408,087 shares in the last quarter. State Street Corp increased its stake in shares of Columbia Banking System by 32.5% during the third quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock valued at $345,113,000 after acquiring an additional 3,290,560 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Columbia Banking System by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,564,529 shares of the financial services provider’s stock valued at $351,179,000 after purchasing an additional 163,543 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Columbia Banking System by 140.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock worth $242,237,000 after acquiring an additional 5,063,212 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

About Columbia Banking System

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.