Royal Bank of Canada Raises Columbia Banking System (NASDAQ:COLB) Price Target to $26.00

Columbia Banking System (NASDAQ:COLB) had its target price upped by Royal Bank of Canada from $21.00 to $26.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 7.48% from the company’s current price.

Other equities analysts have also issued research reports about the company. StockNews.com raised Columbia Banking System from a “sell” rating to a “hold” rating in a research note on Wednesday. Wedbush reissued a “neutral” rating and set a $20.00 price target on shares of Columbia Banking System in a research report on Friday, April 26th. Piper Sandler restated an “overweight” rating and set a $27.00 price objective on shares of Columbia Banking System in a research report on Wednesday, June 5th. Keefe, Bruyette & Woods boosted their target price on shares of Columbia Banking System from $23.00 to $27.00 and gave the company a “market perform” rating in a report on Friday. Finally, Barclays increased their price target on shares of Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.27.

Columbia Banking System Trading Up 3.5 %

COLB opened at $24.19 on Friday. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The firm has a market capitalization of $5.06 billion, a PE ratio of 10.38 and a beta of 0.66. The firm’s 50-day moving average price is $20.01 and its 200 day moving average price is $19.87.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a return on equity of 11.58% and a net margin of 16.52%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. As a group, analysts predict that Columbia Banking System will post 2.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Hedge funds and other institutional investors have recently bought and sold shares of the company. Verdence Capital Advisors LLC boosted its stake in shares of Columbia Banking System by 15.1% in the second quarter. Verdence Capital Advisors LLC now owns 18,499 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 2,430 shares during the period. Bank of New York Mellon Corp lifted its holdings in Columbia Banking System by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,718,494 shares of the financial services provider’s stock worth $93,851,000 after buying an additional 23,963 shares in the last quarter. Easterly Investment Partners LLC boosted its position in Columbia Banking System by 72.3% in the 2nd quarter. Easterly Investment Partners LLC now owns 246,973 shares of the financial services provider’s stock valued at $4,912,000 after buying an additional 103,625 shares during the period. ZWJ Investment Counsel Inc. grew its stake in shares of Columbia Banking System by 18.7% in the second quarter. ZWJ Investment Counsel Inc. now owns 121,931 shares of the financial services provider’s stock worth $2,425,000 after acquiring an additional 19,200 shares in the last quarter. Finally, Leeward Investments LLC MA grew its stake in shares of Columbia Banking System by 5.6% in the second quarter. Leeward Investments LLC MA now owns 931,912 shares of the financial services provider’s stock worth $18,536,000 after acquiring an additional 49,450 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other 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.