Columbia Banking System (NASDAQ:COLB) Price Target Raised to $26.00 at Stephens

Columbia Banking System (NASDAQ:COLB) had its price target increased by analysts at Stephens from $22.00 to $26.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Stephens’ price objective suggests a potential downside of 1.18% from the stock’s previous close.

A number of other equities research analysts have also recently commented on COLB. Wells Fargo & Company lifted their target price on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday. Truist Financial lowered their price objective on Columbia Banking System from $22.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. StockNews.com upgraded Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada boosted their price objective on Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods boosted their price objective on Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a research note on Friday. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $23.81.

Columbia Banking System Stock Performance

Shares of COLB stock traded up $2.12 during trading hours on Friday, hitting $26.31. 2,653,714 shares of the company were exchanged, compared to its average volume of 2,529,252. The firm has a market cap of $5.51 billion, a P/E ratio of 11.27 and a beta of 0.66. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.11. The company has a 50 day simple moving average of $20.01 and a two-hundred day simple moving average of $19.87.

Columbia Banking System (NASDAQ:COLB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million during the quarter, compared to the consensus estimate of $476.01 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.58%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 EPS. As a group, sell-side analysts expect that Columbia Banking System will post 2.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of COLB. Norges Bank bought a new position in shares of Columbia Banking System in the fourth quarter worth approximately $63,152,000. Public Employees Retirement Association of Colorado grew its position in Columbia Banking System by 3,245.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock valued at $23,068,000 after acquiring an additional 838,762 shares during the last quarter. Silvercrest Asset Management Group LLC grew its position in Columbia Banking System by 21.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after acquiring an additional 788,383 shares during the last quarter. Franklin Resources Inc. grew its position in Columbia Banking System by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 7,788,928 shares of the financial services provider’s stock valued at $207,809,000 after acquiring an additional 700,643 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Columbia Banking System by 16.2% during the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after acquiring an additional 637,212 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors.

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.