Barclays Issues Pessimistic Forecast for Columbia Banking System (NASDAQ:COLB) Stock Price

Columbia Banking System (NASDAQ:COLB) had its price objective cut by research analysts at Barclays from $31.00 to $30.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price target would suggest a potential downside of 4.06% from the company’s current price.

Several other analysts also recently weighed in on COLB. JPMorgan Chase & Co. upped their price objective on Columbia Banking System from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Weiss Ratings raised Columbia Banking System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Wells Fargo & Company lifted their price objective on Columbia Banking System from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Wall Street Zen lowered shares of Columbia Banking System from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Finally, UBS Group began coverage on Columbia Banking System in a report on Tuesday, April 7th. They set a “neutral” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $33.19.

Columbia Banking System Price Performance

Shares of NASDAQ COLB opened at $31.27 on Monday. Columbia Banking System has a fifty-two week low of $22.77 and a fifty-two week high of $33.67. The firm has a market capitalization of $9.05 billion, a P/E ratio of 12.46, a P/E/G ratio of 3.11 and a beta of 0.62. The company’s 50 day simple moving average is $31.16 and its 200 day simple moving average is $29.78.

Columbia Banking System (NASDAQ:COLB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. Columbia Banking System had a net margin of 19.96% and a return on equity of 11.33%. The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $687.40 million. During the same period last year, the business posted $0.76 earnings per share. Sell-side analysts expect that Columbia Banking System will post 3.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CMO Devine David Moore sold 3,872 shares of Columbia Banking System stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $29.77, for a total transaction of $115,269.44. Following the completion of the sale, the chief marketing officer owned 18,636 shares in the company, valued at approximately $554,793.72. This trade represents a 17.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Columbia Banking System

Several hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Columbia Banking System by 135.2% in the 3rd quarter. Wellington Management Group LLP now owns 13,782,222 shares of the financial services provider’s stock valued at $354,754,000 after buying an additional 7,921,303 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Columbia Banking System by 140.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,666,769 shares of the financial services provider’s stock valued at $242,237,000 after acquiring an additional 5,063,212 shares during the period. Norges Bank purchased a new stake in shares of Columbia Banking System during the fourth quarter worth about $103,012,000. North Reef Capital Management LP lifted its position in shares of Columbia Banking System by 3,600.0% in the fourth quarter. North Reef Capital Management LP now owns 3,700,000 shares of the financial services provider’s stock valued at $103,415,000 after acquiring an additional 3,600,000 shares in the last quarter. Finally, State Street Corp boosted its stake in Columbia Banking System by 32.5% during the 3rd quarter. State Street Corp now owns 13,407,671 shares of the financial services provider’s stock worth $345,113,000 after purchasing an additional 3,290,560 shares during the last quarter. 92.53% of the stock is owned by institutional investors.

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.