Columbia Banking System (NASDAQ:COLB) PT Raised to $29.00

Columbia Banking System (NASDAQ:COLB) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $22.00 to $29.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 10.86% from the company’s current price.

Several other equities analysts have also issued reports on the company. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Wells Fargo & Company upped their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 target price on shares of Columbia Banking System in a research report on Wednesday, June 5th. Truist Financial upped their target price on Columbia Banking System from $20.00 to $29.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Barclays upped their target price on Columbia Banking System from $21.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.04.

Columbia Banking System Stock Performance

Shares of COLB opened at $26.16 on Tuesday. Columbia Banking System has a 52-week low of $17.08 and a 52-week high of $28.11. The business’s 50 day moving average price is $20.38 and its two-hundred day moving average price is $19.81. The firm has a market cap of $5.48 billion, a PE ratio of 11.23 and a beta of 0.66.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same period in the previous year, the firm earned $0.81 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. Research analysts predict that Columbia Banking System will post 2.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Columbia Banking System

Large investors have recently made changes to their positions in the business. Picton Mahoney Asset Management purchased a new stake in shares of Columbia Banking System during the 2nd quarter valued at $33,000. Fifth Third Bancorp increased its position in shares of Columbia Banking System by 113.4% during the 1st quarter. Fifth Third Bancorp now owns 1,970 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,047 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Columbia Banking System during the 4th quarter valued at $42,000. Abich Financial Wealth Management LLC increased its position in shares of Columbia Banking System by 85.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,020 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Columbia Banking System by 144.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,350 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,387 shares during the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.

Columbia Banking System Company Profile

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.